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HomeMy WebLinkAbout978825a a) P I- 8c o c CD o c a m N th g ad 978825 10/15/2014 4:42 PM LINCOLN COUNTY FEES: $24.00 PAGE 1 OF 5 BOOK: 841 PAGE: 333 DEED, TRUST JEANNE WAGNER, LINCOLN COUNTY CLERK 111111111111111111 IIIIII IIIII 111111111111 111111111111111 DEED OF TRUST THIS DEED OF TRUST is made this 15th day of October, 2014, between Michael Val Call whose address is 225 West Diamond Street, Afton, Wyoming 83110, as Trustor, and Earl J. Darway, Trustee of the Earl J. Darway Family Trust Dated January 30, 2001 whose address is 350 Patchett Road, San Louis Obispo, California as Trustee, WITNESSETH• THAT TRUSTOR DOES HEREBY IRREVOCABLY GRANT, BARGAIN, SELL, CONVEY AND WARRANT TO TRUSTEE IN TRUST WITH POWER OF SALE, the following described property situated in Afton, State of Wyoming, the record owner of which is Trustor: Ridge View Estates Lots 4,5,6,7,9,11,12,13,14 located in Lincoln County Wyoming. Together with all rights of way, easements, general intangibles, privileges and appurtenances thereunto belonging, used or enjoyed with said property, or any part thereof, FOR THE PURPOSE OF SECURING: (1) payment of the indebtedness evidenced by a trust deed note (sometimes referred to herein as the "Note of even date herewith in the principal sum of Five Hundred Thousand Dollars ($500,000.00), made by Trustor, payable to the order of Trustee at the times and in the manner as therein set forth, and any extensions and /or renewals or modifications thereof; (2) the performance of each agreement of Trustor contained herein or in said Note as hereinafter defined; (3) the payment of such additional loans or advances as hereafter may be made by Trustee or its successors or assigns to Trustor to any of the persons comprising Trustor or to any other makers of the Note. TO PROTECT THE SECURITY OF THIS TRUST DEED, AND FOR OTHER PURPOSES, TRUSTOR AGREES: 1. To keep said property in good condition; to comply with all laws, covenants and restrictions affecting said property now or as may be modified in the future in compliance with said covenants and restrictions; not to commit, suffer or permit any act upon said property in violation of law. 2. To execute or procure any and all documents Trustee may reasonably deem necessary from time to time in order to protect Trustee's security interest and priority in said property. 3. To protect and hold Trustee safe from any expense and from all damage due to diminution in value of said property or otherwise, resulting from claims of any other parties including other security interests in fixtures and improvements, if any, used or enjoyed with, or installed in, affixed or attached to said property or any part thereof. 4. To appear in and defend any action or proceeding purporting to affect the security hereof, the title to said property, or the rights or powers of Trustee at Trustor's sole expense, including costs of evidence of title and attorneys' fees. 5. To pay or cause to be discharged at least ten (10) days before delinquency all taxes, other than those contested in good faith, and assessments affecting said property, together with costs or penalties thereon, including all assessments and charges for water appurtenant to or used in connection with said property; to pay and discharge when due all encumbrances, charges, and liens on said property or any part thereof which at any time appear to be prior or superior hereto. 6. Should Trustor fail to make payment or to do any act as herein provided, then Trustee, but without obligation so to do and without releasing Trustor from any obligation hereof, may, following 30 days prior written notice to Trustor: make or do the same in such manner and to such extent as it may deem necessary to protect the security hereof, 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 powers or rights of Trustee; pay, purchase, contest, or compromise any encumbrance, charge or lien which in the judgment of Trustee 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 therefor, including cost of evidence of title and employment of counsel, and payment of reasonable attorney's fees. Provided, however, that nothing in this paragraph shall prevent Trustor from contesting, in good faith and according to law, any lien or assessment against the property. IT IS MUTUALLY AGREED THAT: 7. From time to time and to facilitate the sale of individual lots secured hereby, Trustee shall reconvey, without warranty, the property to be sold. In addition, upon complete 2 Deed of Trust satisfaction of the provisions of the Note, Trustee shall reconvey to Trustor, without warranty all remaining property. 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 entitled thereto." 8. The failure on the part of Trustee to promptly enforce any right hereunder shall not operate as a waiver of such right and the waiver by Trustee of any default shall not constitute a waiver of any other or subsequent default. 9. (a) 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 secured hereby or contained herein, and failure to cure such default after 30 days following written notice to Trustor by Trustee, all sums secured hereby shall immediately become due and payable at the option of Lender. In the event the default remains uncured for 30 days following notice, Trustee may 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 or parcel thereof is situated. (b) If Trustee invokes the power of sale, Trustee shall take such action regarding notice of sale and shall give such notices to Trustor and to other persons as applicable law may require. 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 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 (but subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots or 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 such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale, unless otherwise required by law. Trustee shall execute and deliver to the purchaser his Deed conveying said property so sold without any covenant or warranty, express or implied. The recitals in the Trustee's Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the Trustee, may bid at the sale. Trustee shall apply the proceeds of the sale in the following order: (1) reasonable costs and expenses of the sale, including but not limited to, reasonable Trustee's and attorney's fees; (2) cost of any evidence of title procured in connection with such sale and revenue stamps or similar taxes on Trustee's Deed; (3) all sums expended under the terms hereof, not then repaid; (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 his discretion, may deposit the balance of such proceeds with the County Clerk of the county in which the sale took place. 10. Trustor agrees to surrender possession of the hereinabove described Trust property to the purchaser at the aforesaid sale, immediately after such sale, in the event such possession has not previously been surrendered by Trustor. 3 Deed of Trust 11. Upon the occurrence of any default hereunder and failure to cure such default within 30 days following written notice, Trustee 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 Beneficiary 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. 12. Trustee may appoint a successor trustee at any time by complying with the statutory requirements therefor. The new trustee shall succeed to all the powers, duties, authority and title of the trustee named herein or of any successor trustee. 13. In the event of a court action brought by either Trustor or Trustee to enforce the provisions of this agreement, the prevailing party is hereby entitled to recover from the other the costs and expenses, including a reasonable attorney's fee, incurred in bringing the action. 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. 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 will notify Trustor by certified mail, return receipt requested, at the address hereinbefore set forth, of any notice of default and of any notice of sale required hereunder or by applicable law. Notice of any change of Trustor's address shall be sent by Trustor to Trustee by certified mail, return receipt requested. 16. The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or unenforceability of any one provision or portion hereof shall not affect the validity or enforceability of any other provision hereof. 17. The Note secured hereby is not assumable. In the event that the Trustor shall, without the express written consent of the Lender, voluntarily or involuntarily sell, convey, transfer, dispose of, lose, diminish, reduce, or further encumber, or agree to sell, convey, transfer, dispose of, lose, diminish, reduce or further encumber all or any portion of or any interest in said property described herein without prior written consent of Lender except as expressly provided in this agreement, then the Lender may, at its option, declare the entire indebtedness evidenced by the Note secured hereby immediately due and payable. 18. As used herein, the term "Loan Documents" means all instruments evidencing or securing the debt owed by Trustor to Lender, including without limitation the Note and this Deed of Trust. 19. Upon written request from Trustor during the term of the loan secured hereby, Trustee shall release individual parcels of the subject property from the lien of this Deed of Trust, subject to the following: 4 Deed of Trust A. Trustor shall have identified a buyer for a given lot and in connection with the closing of that transaction must deliver the lot to said buyer free and clear of all liens and encumbrances; B. For each such release, Trustor shall require, as part of the closing instructions, that One Hundred Thousand Dollars ($100,000.00) be paid to Lender. IN WITNESS WHEREOF, Trustor has executed this Trust Deed as of the day and year first above written. STATE OF WI, W'-. 1 I ss COUNTY OF ,l�—�O 6— TRUSTOR: Michael Val Call The foregoing Deed of Trust was acknowledged before me th -day of 0 C.t- 20N, by N1, t (',5 Ve 1 C f.& 1 Notary Public 5 WyC11Mlssien expires: February 2; 20 d� Deed of Trust