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HomeMy WebLinkAbout893350RECORDATION REQUESTED BY: Far West Bank SI. George 308 Wesl Tabernacle SI. George, UT 84770 WHEN RECORDED MAIL TO: Far West Bank St. George 308 Wes! Tabernacle SI. George, UT 84770 SEND TAX NOTICES TO: MARTIN A. CARLSON BRENDA G. CARLSON 33 NORTH 400 EAST ST. GEORGE, UT 84770 893350 534 PR PAGB 501 RECEIVED LINCOLN C01..INTY CLERK SPACE ABOVE THIS LINE tS FOR RECORDER'S USE ONLY DEED OF TRUST THIS DEED OF TRUST is dated September 8, 2003, among MARTIN ALLAN CARLSON and. BRENDA GILES CARLSON, HUSBAND AND WIFE, AS JOINT TENANTS. ("TrustOr"); Far West Bank, whose address is St. George, 308 West Tabernacle, St. George, UT 84770 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and FAR WEST BANK, Whose address is 308 WEST TABERNACLE, ST. GEORGE, UT 84770 (referred to below as "Trustee"). CONVEYANCE AND GRANT. For valuable consideration, Trustor irrevocably grants and conveys to TrUstee in trusl, wilh power of sale, for the benefil of Lender as Beneficiary, all of Trustor's right, lille, and interest in and to the following described real property, Iogether with all existing or subsequenlly erecled or affixed buildings, improvemenls and fixtures; all easements, rights ol way, and appurtenances; all waler, water rights and ditch rights (including slock in ulilities with ditch or irrigalion rights); and all olher righls, royallies, and profits relating to the real properly, includin9 without limilalion ail minerals, oil, gas, geolhermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming: See SEE A'I-rACHED EXHIBIT "A", which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully set forth herein. The Real Property or its address is commonly known as APPROX. LINCOLN, WY. Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trusl) all of Trustor's right, lille, and interest in and to all present and luture leases of Ihe Property and all Renls trom the Property. In addition, Truslor grants lo Lender a Unilorm Commercial Code security inlerest 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 ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Truslor warrants thai: (a) this Deed of Trust 'is execuled at Borrower's request and not al the requesl of Lender; (b) Trustor has lhe full power, right, and aulhority Io enter into Ibis Deed oi Trust and lo hypothecate lhe Property; (c) the provisions of Ihis Deed of Trusl do nol conflict with, or result in a detaull under any agreement or olher instrumenl binding upon Truslor and do nol result in a violation of any law, regulation, court decree or order applicable Io Trustor; (d) Trustor has established adequate means ct obtaining from Borrower on a continuing basis information about Borrower's financial condilion; and (e) Lender has made no represenlalion lo Trusl'or about Borrower (including without limitation the credilworthiness of Borrower). TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any olher law which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is olherwise entilled to a claim for deficiency, before or after Lender's commencement or complelion of any foreclosure action, eilher judicially or by exercise of a power of sale. PAYMENT AND PERFORMANCE. Except as otherwise provided in Ibis Deed of Trust, Borrower shall pay to Lender all Indebtedness secured by this Deed of Trust as it becomes due, and Borrower and Trustor shall striclly perform all Iheir respeclive obligations under lhe Note, this Deed of Trust, and the Relaled Documenls. . POSSESSION AND MAINTENANCE' OF THE PROPERTY. Borrower and Truslor agree that Borrower's and Truslor's possession and use of the Property shall be governed by the following provisions: Possession and use. Unlil lhe occurrence of an Event of Delaull, Truslor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect lhe Rents from Ihe Property. The following provisions relale Io the use ol the Properly or to other limitations on the Properly. This instrument is a Trust Deed executed in conformily wilh Ihe Utah Trust Deed Act, UCA 57-1-19, et seq. Duty to Mainlain. Truslor shall maintain lhe Property in tenantable condilion and promplly perform all repairs, replacements, and mainlenance necessary to preserve ils value. Compliance Wilh Environmenlal Laws. Trustor represents and warrants Io Lender thai: (1) During the period of Truslor's ownership of the Property, there has been no use, generation, manufacture, storage, Irealment, disposal, release or threalened release of any Hazardous Subslance by any person on, under, aboul or lrom the Property; (2) Trustor has no knowledge of, or reason lo believe Ihal there has been, except as previously disclosed Io and acknowledged by Lender in writing, (a) any breach or violation of any Environmenlal Laws, (b) any use, Loan No: 115002669 DEED OF TRUST (Continued) 5 0 2 Page 2 generation, manufacture, siorage, Ireatment, disposal, release or Ihrealened release of.any Hazardous Substance on, under, about or from Ihe Properly by any prior owners or occupanls of Ihe Property, or (c) any aclual or lhrealened liligalion or claims of any kind by any person relaling to such mailers; and (3) Except as previously disclosed lo and acknowledged by Lender in wriling, (a) neither Truslor nor any tenant, contraclor, agent or olher authorized user of Ihe P.roperly shall use, generate, manufacture, store, treal, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such aclivily shall be conducted in compliance wilh ail applicable federal, slate, and local.laws, regulalions and ordinances, including without limilalion all Environmenlal Laws. Trustor authorizes Lender .and ils agenls 1o enter upon the Property to make such inspections and lests, at Truslor's expense, as Lender may deem appropriate to delermine compliance of Ihe Properly with this seclion of the Deed of Trus!. Any inspections or tests made by Lender shall be for Lender's purposes only and shall nol be construed to create any responsibility or liability on 'the part of Lender to Trustor or lo any olher person. The representalions and warranlies contained herein are based on Truslor's due diligence in investigaling lhe Property for Hazardous Substances. Truslor hereby (1) releases and waives any future claims againsl Lender for indemnily or contribulion in lhe event Truslor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnity and hold harmless Lender againsl any and all claims, losses, liabilities, damages, penallies, and expenses which Lender may direclly or indireclly suslain or suffer resulling from a breach ot Ihis section of the Deed of Trust or as a consequence of any use, generalion, manufacture, s[orage, disposal, release or threatened release occurring prior to Trustor's ownership or inleresl in the Property, whelher or nol Ihe same was or should have been known to Trustor. The provisions of Ibis seclion of Ihe Deed of Trusl, including lhe obligation 1o indemnify, shall survive the paymenl of Ihe Indebtedness and lhe satisfaclion and reconveyance of the lien of Ihis Deed of Trust and shall not be attecled by Lender's acquisition of any inleresl in Ihe Properly, whether by foreclosure or olherwise. Nuisance, Wasle. Truslor shall not cause, conducl or permil any nuisance nor commit, permil, or suffer any stripping of or wasle on or Io Ihe Property or any porlion ot the Property. Withoul limiting Ihe generalily ot lhe foregoing, Truslor will nol remove, or grant 1o any olher parly Ihe right Io remove, any limber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock producls wilhout Lender's prior wrillen consenl. Removal of Improvements. Trust0r shall not demolish or remove any Improvements from lhe Real Properly wilhout Lender's prior wrillen consent. As a condilion to the removal of any Improvements, Lender may require Trustor Io make arrangements salisfactory to Lender to replace such Improvements wilh Improvemenls of at least equal value. Lender's Righl Io Enler. Lender and Lender's agenls and represenlatives may enler upon Ihe Real Properly al all reasonable times Io allend to Lender's interesls and to inspect the Real Properly for purposes of Trustor's compliance with the lerms and conditions of this Deed of Trust. Compliance with Governmenlal Requiremenls. Trustor shall promplly comply with all laws, ordinances, and regulalions, now or hereafter in effect, of. all governmenlal authorilies applicable to the use or occupancy of lhe Property, including withoul limitation, the Americans Wilh Disabitilies Act. Truslor may conlesl in good failh any such law, ordinance, or regulalion and withhold compliance during any proceeding, including appropriate appeals, so long as Trustor has notified Lender in wriling prior Io doing so and so long as, in Lender's sole opinion, Lender's interesls in Ihe Properly are nol jeopardized. Lender may require Trustor Io post adequate securily or a surety bond, reasonably satisfaclory to Lender, to prolecl Lender's i.nterest. Duly Io Prolect. Trustor agrees neither to abandon or leave unallended Ihe Properly. Trustor shall do all olher acts, in addition to Ihose acls set forth above in Ibis seclion, which from the characler and use of the Properly are reasonably necessary Io prolecl and preserve Ihe Property. TAXES AND LIENS. The following provisions relating to the taxes and liens on lhe Properly are parl of this Deed of Trust: Paymenl. Truslor shall pay when due. (and in all events prior Io delinquency) all laxes, special taxes, assessments, charges (including water and sewer), fines and imposilions levied againsl or on accounl of Ihe Properly, and shall pay when due all claims for work done on or for services rendered or material furnished lo Ihe Property. Trustor shall maintain lhe Properly free of all liens having priority over or equal Io the inleresl of Lender under Ihis Deed of Trust, excepl for the lien ol faxes and assessmenls nol due, excepl for the Exisling Indebtedness referred Io below, and except as olherwise provided in Ibis Deed of. Trust. Righl Io Conlesl. Truslor may withhold payment of any tax, assessment, or claim in connection wilh a good failh dispute over the obligation Io pay, so long as Lender's inleresl in the Property is not jeopardized. It a lien arises or is filed as a resull of nonpayment, Trustor shall within fifteen (15) days after the lien arises or, il a lien is tiled, wilhin fifteen (15) days after Truslor has notice of the filing, secure the discharge of Ihe lien, or if requested by Lender, deposil wilh Lender cash or a sufficient corporate surety bond or other security salisfactory 1o Lender in an amounl sufficient 1o discharge Ihe lien plus any cosls and reasonable altorneys' fees, or olher charges lhal could accrue as a result ota foreclosure or sale under the lien. In any conlest, Trustor shall defend ilself and Lender and shall salisty any adverse judgment before enforcemenl against Ihe Properly. Trustor shall name Lender as an addilional obligee under any surely bond furnished in the contest proceedings. Evidence of Paymenl. Truslor shall upon demand furnish Io Lender satisfactory evidence of paymenl ol lhe laxes or assessmenls and shall aulhorize the appropriale governmenlal official Io deliver to Lender at any lime a wrilten slatement of the laxes and assessmenls againsl the Property. Notice of Conslruclion. Truslor shall noilly Lender al least tifleen (15) days before any work is commenced, any services are furnished, or any malerials are supplied Io Ihe Property, if any mechanic's lien, materialmen's lien, or olher lien could be asserled on accounl of the work, services, or malerials, Truslor will upon request of Lender furnish to Lender advance assurances, salisfactory 1o Lender that Truslor can and will pay lhe cosl of such improvements. PROPERTY DAMAGE INSURANCE. The fo ow ng provisions relating Io insuring Ihe Property are a part of this Deed of Trust. Mainlenance of Insurance. Truslor shall procure and mainlain policies of fire insurance with standard extended coverage endorsements on a lair value basis for lhe full insurable value covering all Improvemenls on Ihe Real Property in an amount sufficienl Io avoid applicalion of any coinsurance clause, and with a slandard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive general liabilily insurance in such coverage amounts as Lender may requesl wilh Trustee and Lender being named as addilional insureds in such liability insurance policies. Additionally, Trustor shall maintain such other insurance, including bul nol limited to hazard, business interruplion, and boiler insurance, as Lender may reasonably require. Policies shall be wrillen in form, amounls, coverages and basis reasonably acceptable lo Lender and issued by a company or companies reasonably acceplable Io Lender. Trustor, upon requesl of Lender, will deliver to Lender from lime to lime the policies or cerlificales of insurance in form satisfactory to Lender, including stipulalions Ihal coverages will not be cancelled or diminished without at leasl len (10) days prior written notice to Lender. Each insurance policy also shall include an endorsemenl providing lhal coverage in favor of Lender will not be impaired in any way by any acl, omission or defaull of Trustor or any olher person. Should the Real Properly be located in an area designated by lhe Direclor of the Federal Emergency Management Agency as a special flood hazard area, Truslor agrees to obtain and maintain Federal Flood Insurance, if available, wilhin 45 days after nolice is given by Lender thai the Properly is located in a special flood hazard area, for Ihe full unpaid principal balance of lhe loan and any prior liens on the property securing Ihe loan, up Io the maximum policy limils set under the National Flood Insurance Program, or as olherwise required by Lender, and to mainlain such insurance for the term of the Loan No: 115002669{J~J-~-J'3,.~O DEED OF TRUST 5 0 3 (Continued) Page 3 loan. Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage Io lhe Properly. Lender may make proof of loss if Truslor fails Io do so within fifteen (15) days ol the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien alfecling Ihe Property, or the resloration and repair of the Property. If Lender etecls to apply lhe proceeds to resloration and repair, Truslor shall repair or replace Ihe damaged or destroyed Improvemenls in a manner salisfactory to Lender. Lender shall, upon satislactory prool of such expenditure, pay or reimburse Truslor from the proceeds tor Ihe reasonable cost of repair or restoralion il Truslor is nol in delault under this Deed ol Trusl. Any proceeds which have not been disbursed within 180 days after lheir receipt and which Lender has nol commilted Io the repair or restoralion of Ihe Property shall be used firsl to pay any amount owing to Lender under Ibis Deed of Trust, lhen to pay acCrued inleresl, and Ihe remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds afler payment in full of the Indebtedness, such proceeds shall be paid lo Trustor as Truslor's inlerests may appear. Compliance with Existing Indebledness. During Ihe period in which any Exisling Indebtedness described below is in effect, Compliance with the insurance provisions contained in the instrument evidencing such Existing Indebledness shall conslilule compliance wilh Ihe insurance provisions under Ibis Deed of Trust, to the exlenl compliance wilh Ihe terms of this Deed of Trusl would conslitute a duplicalion of insurance requiremenl. 11 any proceeds from the insurance become payable on loss, the provisions in Ibis Deed of Trusl for division ol proceeds shall apply only to that portion of the proceeds not payable 1o the holder of the Existing Indebtedness. Trustor's Report on Insurance. UPon request of Lender, however nol more than once a year, Trustor shall furnish to Lender a reporl on each exisling policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amounl of the policy; (4) the property insured, the Ihen currenl replacement value ol such property, and the manner ol determining Ihal value; and (5) Ihe expiration date ol Ihe policy. Truslor shall, upon requesl ol Lender, have an independent appraiser satisfaclory to Lender determine lhe cash value replacement cost of the Property. LENDER'S EXPENDITURES. If any action or proceeding is commenced lhal would materially aflect Lender's interesl in Ihe Property or if Truslor lails to comply with any provision of Ibis Deed ot Trusl or any Related Documents, including bul nol limited Io Trustor's failure 1o comply with any obligalion to mainlain Existing Indebtedness in good slanding as required below, or to discharge or pay when due any amounts Truslor is required lo discharge or pay under this Deed of Trust or any Related Documenls, Lender on Trustor's behalf may (bul shall nol be obligaled to) take any action that Lender deems appropriate, including bul not limited to discharging or paying all taxes, liens, security interesls, encumbrances and other claims, at any time levied or placed on the Property and paying all cosls for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear inleresl al the tale charged under Ihe Nole from Ihe date incurred or paid by Lender to the date of repaymenl by Truslor. All such expenses will become a part of the Indebtedness and, al Lender's option, will lA) be payable on demand; lB) be added to the balance of the Note and be apporlioned among and be payable wilh any installment payments Io become due during eilher (1) Ihe lerm of any applicable insurance policy; or (2) lhe remaining {erin ol the Nole; or lC) be trealed as a balloon paymenl which will be due and payable at the Note's malurily. The Deed of Trusl also will secure paymenl of these amounts. Such right shall be in addition Io all olher righl5 and remedies Io which Lender may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Properly area parl of Ihis Deed of Trusl: Title. Trustor warrants that: la) Truslor holds good and markelable lille ol record 1o the Property in fee simple, free and clear ol all liens and encumbrances other than those sel forth in the Real Property description or in lhe Exislin9 Indebledness section below or in any lille insurance policy, title report, or final title opinion issued in favor of, and accepled by, Lender in conneclion with Ibis Deed ol Trusl, and lb) Truslor has the tull right, power, and authority Io execute and deliver this Deed of Trust to Lender. Defense of Title. Subject 1o lhe exception in lhe paragraph above, Truslor warranls and will forever defend lhe lille 1o the Properly againsl ihe - lawful claims of all persons. In Ihe event any aclion or proceeding is commenced that queslions Trustor's lille or Ihe inleresl of Truslee or Lender under this Deed of Trust, Trustor shall defend lhe action at Truslor's expense. Trustor may be lhe nominal party in such proceeding, but Lender shall be enlilled to participate in Ihe proceeding and 1o be represented in the proceeding by counsel of Lender's own choice, and Trustor will deliver, or cause to be delivered, to Lender.such inslrumenls as Lender may request from lime to lime Io permil such participalion. Compliance Wilh Laws, Truslor warrants thai the Property and Trustor's use ol the Properly complies with all exislin9 applicable laws, ordinances, and regulations ol governmental aulhorilies. Survival o1' Represenlations and Warranlies. All represenlalions, warranties, and agreements made by Truslor in lhis Deed of Trusl shall survive the execution and delivery of this Deed ol Trust, shall be continuing in nature and shall remain in tull force and effect unlil such lime as Borrower's Indebtedness shall be paid in full. EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebledness are a part of lhis Deed ot Trust: Existing Lien. The lien of this Deed ol Trust securing the Indebledness may be secondary and inferior to Ihe lien securing payment of an exisling obligalion. The exisling obligalion has a currenl principal balance of approximately $76,000.00. Truslor expressly covenanls and agrees to pay, or see ~o the payment of, the Existing Indebtedness and to prevenl any defaull on such indebledness, any.defaull under the instruments evidencing such indebtedness, or any defaull under any securily documents for such indebtedness. No Modification. Trustor shall not enler into any agreemenl with the holder of any morlgage, deed of Irusl, or other security agreemenl which has priorily over Ibis Deed of Trusl by which Ihal agreemenl is modified, amended, extended, or renewed wilhoul Ihe prior writlen consenl of Lender. Truslor shall neither request nor accept any future advances under any such security agreemenl withoul Ihe prior wrillen consent ol Lender. CONDEMNATION. The following provisions relaling to condemnation proceedings are a part of Ihis Deed of Trust: Proceedings. If any proceeding in condemnalion is filed, Truslor shall promptly holily Lender in writing, and Truslor shall promptly lake such sleps as may be necessary lo de[end lhe aclion and oblain the award. Truslor may be Ihe nominal parly in such proceeding, bul Lender shall be entilled Io parlicipate in Ihe proceeding and to be represented in Ihe proceeding by counsel of ils own choice, and Truslor will deliver or cause Io be delivered Io Lender such instrumenls and documentation as may be requested by Lender from time to lime to permil such parlicipalion. Applicalion of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any porlion ol Ihe nel proceeds of the award be applied 1o lhe Indebtedness or the repair or restoration of the Property. The nel proceeds ot the award shall mean the award after payment of all reasonable costs, expenses, and atlorneys' tees incurred by Truslee or Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relaling to governmental taxes, fees and charges are a part of this Deed of Trust: Loan No: 115002669 DEED OF TRUST 5 0 4 (Continued) Page 4 Currenl Taxes, Fees and Charges. Upon requesl by Lender, Trustor shall execule such documents in addifion Io Ihis Deed of Trusl and fake whalever olher action is requesled.by Lender 1o perfect and continue Lender's lien on Ihe Real Properly. Truslor shall reimburse Lender for all taxes, as described below, Iogefher wilh all expenses incurred in recording, perfecting or conlinuing lhis Deed of Trusl, including wilhoul limilalion afl taxes, fees, documenlary slamps, and other charges for recording or regislering Ihis Deed of Trust. Taxes. The lollowing shall conslitute faxes to which this section applies: (1) a specific lax upon this type of Deed of Trusl or upon all or any pad of the Indebtedness secured by this Deed of Trusl; (2) a specific fax on Borrower which Borrower is auIhorized or required Io deducl from paymenls on fhe Indebfedness secured by this type of Deed of Trust; (3) a tax on this lype of Deed of Trust chargeable against the Lender or the holder of Ihe Nole; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and inleresl made by Borrower. Subsequent Taxes. If any lax Io which lhis seclion applies is enacted subsequenl to Ihe dale of Ihis'Deed of Trusl, this event shall have Ihe same effecl as an Event of Default, and Lender may exercise any or all of ils available remedies tor an Event of DefauII as provided below unless Trusfor either (1) pays the fax before il becomes delinquenl, or (2) contests Ihe lax as provided above in lhe Taxes and Liens section and deposits wilh Lender cash or a sufficienl corporale surely bond or olher security salisfaclory Io Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relaling fo lhis Deed of Trusl as a security agreemenl are a part ol this Deed of Trusl: Securily Agreemenl. This instrumenl shall conslilule a Securily Agreemenl Io the exlenl any of Ihe Property conslitules fixlures, and Lender shall have all of the righls of a secured parly under the Uniform Commercial Code as amended from time 1o lime. Securily Interesl. Upon request by Lender, Truslor shall execule financing statements and take whalever olher action is requesled by Lender Io perlecl and conlinue Lender's securily inleresf in Ihe Renls and Personal Properly. In addilion to recording this Deed of Trusl in lhe real property records, Lender may, at any time and wilhout further aulhorizalion from Truslor, file execuled counlerparls, copies or reproductions of this Deed ot Trust as a financing sfatemenl. Trustor shall reimburse Lender for all expenses incurred in perfecling or conlinuing this security inleresl. Upon defaull, Trusfor shall not remove, sever or delach the Personal Properly from lhe Property. Upon default, Trustor shall assemble any Personal Property not affixed to lhe Properly in a manner and at a place reasonably convenient Io Trustor and Lender and make it available to Lender wilhin Ihree (3) days afler receipt of wrilten demand from Lender to the exlent permitled by applicable law. Addresses.. The mailing addresses of Trustor (debtor) and Lender (secured party) from which inlormation concerning the security inlerest granled by Ihis Deed of Trusl may be oblained (each as required by the Uniform Commercial Code) are as slaled on Ihe firsl page of this Deed ol Trust. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating fo further assurances and atlorney-in-faci are a part of this Deed of Trust: Furlher Assurances. At any Ii.me, and from time Io lime, upon request of Lender, Truslor will make, execule and deliver, or will cause Io be made, execuled or delivered, to Lender or 1o Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as lhe case may be, al such limes and in such offices and places as Lender may deem appropriate, any and all such morlgages, deeds of trusl, security deeds, security agreements, financing s[alemenls, conlinuation slalemenls, instrumenls of further assurance, certificales, and other documenls as may, in the sole opinion of Lender, be necessary or desirable in order lo effecluale, complele, pertecl, continue, or preserve (1) Borrower's and Trusl(~r's obligalions under the Nole, lhis Deed of Trusl, and fhe Related Documenfs, and (2) the liens and securily inleresls created by Ibis Deed of Trusl on the Properly, whelher now owned or hereafter acquired by Truslor. Unless prohibiled by law or Lender agrees 1o lhe contrary in wriling, Trustor shall reimburse Lender for all cosls and expenses incurred in connection wilh the matlers referred Io in Ihis paragraph. Altorney-in-Facl. If Truslor fails Io do any of the Ihings referred to in Ihe preceding paragraph, Lender may do so for and in Ihe name of Trusfor and al Trusfor's expense. For such purposes, Trusfor hereby irrevocably appoints Lender as Truslor's altorney-in-lacl for lhe purpose of making, execuling, delivering, filing, recording, and doing all other Ihings as may be necessary or desirable, in Lender's sole opinion, to accomplish lhe mailers referred to in lhe preceding paragraph. FULL PERFORMANCE. II Borrower pays all the Indebtedness when due, and olherwise performs all lhe obligalions imposed upon Trustor under this Deed of Trusl, Lender shall execule and deliver 1o Truslee a requesl for full reconveyance and shall execule and deliver Io Trusfor suitable slalements of lerminalion of any financing stafemenl on file evidencing Lender's security inleresl in lhe Rents and the Personal Properly. Any reconveyance fee requited by law shall be paid by Trustor, if permitted by applicable law. EVENTS OF DEFAULT. Each of the following, al Lender's option, shall conslilule an Evenl ol Default under this Deed of Trusl: Payment Defaull. Borrower fails Io make any payment when due under the Indebtedness. Other Defaulls. Borrower or Trustor fails to comply wilh or to perform any olher ferm, obligation, covenant or condition conlained in this Deed of Trust or in any of lhe Related Documents or to comply wifh or Io perform any ferm, obligation, covenanl or condition contained in any olher' agreemenl between Lender and Borrower or Trustor. Compliance Defaull. Failure Io comply with any other lerm, obligalion, covenant or condition contained in this Deed of Trusl, lhe Nole or in any of the Relaled Documents. It such a failure is curable and if Borrower or Trustor has nol been given a nolice of a breach of Ihe same provision of lhis Deed of Trusl within the Preceding Iwelve (12) monlhs, il may be cured (and no Evenl of Default will have occurred) if Borrower or Trustor, after Lender sends wrillen notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if Ihe cure requires more Ihan fifleen (15) days, immedialely iniliales s!eps sufficienl fo cure Ihe failure and fhereafler conlinues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably praclical. Defaull on Ofher Payments. Failure of Trustor within the time required by lhis Deed of Trusf to make any paymenl for faxes or insurance, or any olher paymenl necessary Io prevenl filing of or to effect discharge of any lien. . False Statemenls. Any warranty, representalion or statement made or furnished Io Lender by Borrower or Trusfor or on Borrower's or Trusfor's behalf under Ihis Deed of Trust or lhe Related Documents is false or misleading in any malerial respect, either now or al Ihe time made or furnished or becomes false or misleading al any time lhereafter. Defecllve Collaleralizallon. This Deed of Trusl or any of the Relaled Documenls ceases to be in full force and eftecl (including failure of any collateral documenl Io creale a valid and perfected securily inleresl or lien) al any time and for any reason. Dealh or Insolvency. The death of Borrower or Trustor or the dissolulion or lerminalion of Borrower's or Truslor's existence as a going business, the insolvency of Borrower or Trustor, the appointmenl of a receiver for any pad of Borrower's or Truslor's property, any assignmenl for Ihe benefil of credilors, any type of credilor workoul, or lhe commencemenl of any proceeding under any bankruptcy or insolvency laws by or againsl Loan No: 115002669 DEED OF TRUST (Continued) 5 0 5 Page 5 Borrower or Trustor. Creditor or Forfeiture Proceedlngs. Commencement of foreclosure or forfeilure proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or Truslor or by any governmenlal agency against any property securing the Indebtedness. This includes a garnishment of any of Borrower's or Truslor's accounts, including deposil accounls, wilh Lender. However, lhis Event of Default shall not apply if there is a good faith dispute by Borrower or Truslor as to ll~e validily or reasonableness of lhe claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Trustor gives Lender written notice el lhe credilor or forfeiture proceeding and deposils wilh Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount delermined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. Breach of Other Agreement, Any breach by Borrower or Truslor under lhe terms of any other agreemenl between Borrower or Trustor and Lender that is not remedied within any grace period provided therein, including wilhout limitation any agreement concerning any indebledness or other obligation of Borrower or Trustor to Lender, whether exisling now or later. Evenls Affecling Guaranlor. Any of the preceding events occurs with respecl Io any guaranlor, endorser, surety, or accommodation parly el any of lhe Indebtedness or any guarantor, endorser, surety, or accommodation parly dies or becomes incompetent, or revokes or disputes the validity of, or liabilily under, any Guaranty of the Indebledness. In the evenl of a death, Lender, at ils oplion, may, but shall riel be required Io, permil the guarantor's estate to assume uncondilionally the obligations arising under Ihe guaranly in a manner salisfaclory Io Lender, and, in doing so, cure any Event of Default. Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condilion, or Lender believes the prospecl of paymenl or performance el the Indebtedness is impaired. Existing Indebtedness. The paymenl of any insl¢llment of principal or any interest on the Exisling Indebtedness is not made within lhe time required by Ihe promissory note evidencing such indebtedness, or a default occurs under the instrument securing such indebledness and is not cured during any applicable grace period in such instrument, or any suit or other aclion is commenced to foreclose any existing lien on the Property. Righl lo Cure. If such a failure is curable and if Borrower or Trustor has not been given a notice of a breach of the same provision of this Deed of Trust wilhin the preceding twelve (12) mon.ths, il may be cured (and no Evenl Of Defaull will have occurred) if Borrower or Trustor, afler Lender sends written nolice demanding cure of such failure: (a) cures Ihe failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, immediately iniliates steps sufficient to cure the failure and thereatter continues and compleles all reasonable and necessary steps sufficient lo produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. If an Event of Defaull occurs under this Deed of Trust, al any lime therealter, Trustee or Lender may exercise any one or more of the following rights and remedies: Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any elher remedy, and an eleclion Io make expenditures or to take action to perform an obligation of Trustor under this Deed et Trust, after Trustor"s failure to perform, shall not aftecl Lender's right lo declare a default and exercise its remedies. Accelerale Indebtedness. Lender shall have the right al its option without notice lo Borrower or Truslor Io declare the entire Indebtedness immediately due and payable, including any prepayment penally which Borrower would be required lo pay. Foreclosure. With respect to all or any part'o! Ihe Real Properly, the Trustee shall have lhe right to foreclose by nolice and sale, and Lender shall ' have lhe right to foreclose by judicial foreclosure, in either case in accordance with and to the full exlenl provided by applicable law. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the righls and remedies el a secured parly-under the Uniform Commercial Code. Collect Renls. Lender shall have the right, wilhout notice to Borrower or Trustor to take possession of and manage lhe Property and collecl the Renls, including amounls past due and unpaid, and apply the nel proceeds, over and above Lender's cosls, againsl Ihe Indebtedness. In furlherance of Ibis righl, Lender may require any lenanl or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collecled by Lender, then Truslor irrevocably designale5 Lender as Trustor's allorney-in-lacl Io endorse inslrumenls received in payment lhereof in the name of Trustor and lo negoliale the same and collect the proceeds. Paymenls by lenanls or other users lo Lender in response to Lender's demand shall satisfy Ihe obligalions for which the paymenls are made, whether or riel any proper grounds for Ihe demand existed. Lender may exercise its rights under Ibis subparagraph either in person, by agenl, or through a receiver, Appoint Receiver. Lender shall have lhe righl to have a receiver appoinled to lake possession of all or any part of the Properly, with the power to prelect and preserve the Property, to operale the Property preceding foreclosure or sale, and lo collecl lhe Renls from Ihe Properly and apply the proceeds, over and above Ihe cosl of the receivership, againsl lhe Indebtedness.Trustor hereby waives any requiremenl that the receiver be impartial and disinterested as to all of the parties and agrees thai employment by Lender shall riel disqualify a person from serving as a receiver. Tenancy at Sufferance. It Trustor remains in possession of lhe Properly after the Property is sold a5 provided above or Lender olherwise becomes entilled to possession of the property upon delaull of Trustor, Trustor shall become a tenant al sufferance of Lender or the purchaser of lhe Properly and shall, at Lender's option, eilher (1) pay a reasonable renlal for Ihe use of the Property, or (2) vacale the Properly immediately upon the demand of Lender. Other Remedies. Trustee or Lender shall have any other right or remedy provided in Ihis Deed of Trust or Ihe Note or by law. Notice of Sale. Lender shall give Trustor reasonable nolice et Ihe lime and place of any public sale of lhe Personal Property or of the time after which any private sale or other intended disposition of lhe Personal Properly is to be made. Reasonable nolice shall mean nolice given at least Ion (10) days before the lime of the sale or disposition. Any sale el the Personal Property may be made in conjunction with any sale el Ihe Real Property. Sale of the Properly. To the extent permilted by applicable law, Borrower and Trustor hereby waives any and all rights to have the Property marshalled. In exercising its rights and remedies, the Truslee or Lender 5hall be lree to sell all or any part of lhe Property Iogether or separately, in one sale or by separate sales. Lender shall be enlilled lo bid al any public sale on all or any porlio.n et the Properly. Attorneys' Fees; Expenses. If Lender institutes any suil or aclion lo enforce any of Ihe terms of Ibis Deed of Trusl, Lender shall be enlilled to recover such sum as the court may adjudge reasonable as attorneys' fees al Irial and upon any appeal. Whether or not any court action is involved, and to the exlenl not prohibited by law, all reasonable expenses Lender incurs lhat in Lender's opinion are necessary at any time tot the protection of its interest or the enforcement of ils dghts shall become a part of the Indebledness payable on demand and shall bear inlerest al the Loan No: 115002669 DEED OF TRUST . (Continued) 5 0 6 Page 6 Nole rate !rom the date of lhe expenditure until repaid. Expenses covered by lhis paragraph include, wilhoul limilation, however subjecl to any limits under applicable law, Lender's reasonable altorneys' fees and Lender's legal expenses, whether or nol there is a lawsuit, including reasonable atlorneys' fees and expenses for bankruptcy proceedings (including elforls 1o modify or vacate any aulomalic stay or injunction), appeals, and any anlicipaled post-judgment colleclion services, the cost of searching records, oblaining title reporls (including foreclosure reporls), surveyors' repOrls, and appraisal fees, title insurance, and fees for the Truslee, 1o lhe extenl permitted by applicable law. Trustor also will pay any court costs, in addition to all olher sums provided by law. Righls of Truslee. Truslee shall have all of Ihe rights and duties of Lender as'set forlh in Ihis seclion. POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating 1o fha powers and obligations ot Trustee are part of this Deed of Trusl: Powers of Truslee. In addilion to all powers of Truslee arising as a' mailer of law, Trustee shall have the power Io take lhe following aclions wilh respecl to Ihe Property upon fha wrilten requesl of Lender and Truslor: (a) join in preparing and filing a map or plat of Ihe Real Properly, including lhe dedication of sfreels or other rights ID ~he public; (b) join in granling any easemenl or crealing any reslriction on the Real Property; and (c) join in any subordinalion or olher agreement altec!lng this Deed of Trusl or the interesl of Lender under Ihis Deed of Trust. Obligalions to Noilly. Trustee shall nol be obligaled to notify any olher parly of a pending sale under any other Irusl deed or lien, or of any aclion or proceeding in which Truslor, Lender, or Truslee shall be a parly, unless lhe aclion or proceeding is broughl by Truslee. Truslee. Truslee shall meal all qualificalions required for Trustee under applicable law. In addilion to lhe righls and remedies sel torlh above, wilh respect lo all or any parl of Ihe Property, Ihe Trustee shall have lhe right Io foreclose by notice and sale, and Lender shall have Ihe righl Io foreclose by judicial foreclosure, in either case in accordance with and to lhe full extenl provided by applicable law. Successor Truslee. Lender, at Lender's oplion, may from lime lo time appoinl a successor Truslee Io any Trustee appointed under this Deed of Trust by an instrument execuled and acknowledged by Lender and recorded in the office of Ihe recorder of LINCOLN County, Stale of Utah. The instrumenl shall contain, in addition to all other mai!ers required by stale law, lhe names o! Ihe original Lender, Trustee, and Truslor, the book and page where this Deed of Trust is recorded, and the name and address of the successor trustee, and the inslrument shall be execuled and acknowledged by Lender or its successors in inlerest. The successor truslee, wilhout conveyance ot lhe Properly, shall succeed to all the lille, power, and dulies conferred upon Ihe Truslee in this Deed of Trusl and by applicable law. This procedure for subslilulion of Truslee shall govern Io the exclusion of all other provisions for substilulion. NOTICES. Unless olherwise provided by applicable law, any n0tice required 1o be given under lhis Deed of TrUsl or required by law, including wilhout iimilation any nolice of defaull and any notice of sale shall be given in wriling, and shall be effective when actually delivered in accordance wilh lhe law or wilh Ihis Deed ol Trust,'when aclually received by telefacsimile (unless olherwise required by law), when deposited wilh a nalionalty recognized overnighl courier, or, if mailed, when deposited in the Untied Slates mail, as firsl class, certified or regislered mail poslage prepaid, direcled to the addresses shown near Ihe beginning of Ibis Deed of TrusL All copies ol nolices of foreclosure from Ihe holder of any lien which has priority over Ihis Deed ot Trusl shall be sent to Lender's address, as shown near Ihe beginning of Ihis Deed of Trusl. Nolwithstanding any other provision of this Deed of Trust, all notices given under Utah Code Ann. Section 57-1-26 shall be given as required Iherein. Any party may change its address for notices under this Deed of Trusl by giving formal wrilten nolice to lhe olher parties, specifying lhal lhe purpose of Ihe nolice is 1o change Ihe party's address. For nolice purposes, Trustor agrees to keep Lender intormed at all times of Trustor's current address. Unless olherwise provided by applicable law, if Ihere is more lhan one Tru_stor, any notice given by Lender to any Trustor is deemed to be notice given 1o all Trustors. ADDITIONAL PROVISION. BORROWER SHALL BE LIABLE FOR A']-rORNEYS FEES AND COSTS INCURRED IN ALL COLLECTION EFFORTS ARISING FROM THIS NOTE AND CIVIL ACTION #030501343. WE THE UNDERSIGNED SHALL GIVE SECURITY INTEREST IN THE REAL PROPERTY LOCATED IN ONEIDA COUNTY IDAHO, LINCOLN COUNTY, WYOMING AND MILLARD COUNTY, UTAH. ADDITIONALLY THE SALES CONTRACT ON THE MILLARD COUNTY PROPERTY WILL BE ASSIGNED TO FAR WEST BANK. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of Ihis Deed of Trust: Amendmenls. This Deed ot Trusl, logelher with any Relaled Documents, conslilules Ihe enlire underslanding and agreemenl of the parties as 1o lhe mailers set forlh in lhis Deed of Trusl. No alteration of or amendmenl Io lhis Deed of Trusl shall be effective unless given in wriling and signed by lhe parly or parlies sought 1o be charged or bound by the alferalion or amendmenl. Annual Reports. If the Property is used for purposes other than Trustor's residence, Trustor shall furnish Io Lender, upon requesl, a cerlified slalement of riel operaling income received from the Property during Truslor's previous fiscal year in such form and detail as Lender shall require. "Net operaling income" shall mean alt cash receipts from the Properly less all cash expenditures made in'conneclion with Ihe operalion ot Ihe Properly. Caption Headings. Caption headings in this Deed ol Trust are for convenience purposes only and are nol Io be used to inlerprel or define the provisions of this Deed of Trust. Merger. There shall be no merger of Ihe interest or estate crealed by this Deed of Trust with any other interesl or estate in the Property at any lime held by or'for lhe bane!il of Lender in any capacity, withoul the wrillen consenl of Lender. Governing Law. This Deed of Trusl will be governed by, construed and enforced In accordance with federal law and Ihe laws of lhe Slate of Ulah. This Deed of Trust has been accepled by Lender in Ihe Slale of Ulah. Joinl and Several Liablllly. All obltgalions of Borrower and Truslor under this Deed of Trust shall be joinl and several, and all references lo Truslor shall mean each and every Trustor, and all references to Borrower sl~all mean each and every Borrower. This means Ihat each Borrower and Trustor signing below is responsible for all obligalions in this Deed ot Trusl. No Waiver by Lender. Lender Shall not be deemed to have waived any righls under this Deed of Trusl unless such waiver is given in writing and signed by Lender. No delay or omission on Ihe parl of Lender in exercising any right shall operale as a waiver of such righl or any other right. A waiver by Lender of a provision of this Deed of Trust shall nol prejudice or conslitute a waiver of Lender's right olherwise Io demand slricl compliance wilh Ihal provision or any other provision ot Ihis Deed of Trusl. No prior waiver by Lender, nor any course ol dealing between Lender and Truslor, shall conslitute a waiver of any of Lender's rights or of any of Trustor's obligations as to any fulure lransaclions. Whenever Ihe consenl of Lender is required under this Deed of Trusl, Ihe granling of such consent by Lender in any inslance shall not conslilule conlinuing consenl to subsequent instances where such consent is required and in all cases such consenl may be granled or withheld in the sole discretion ol Lender. Severabilily. If a court of compelenl jurisdiclion finds any provision of this Deed of Trust lo be illegal, invalid, or unenforceable as to any person or circumslance, that finding shall nol make lhe offending provision illegal, invalid, or unenforceable as to any other person or circumslance. It feasible, Ihe offending provision shall be considered modilied so thai il becomes legal, valid and enforceable. If the offending provision cannol be Loan No: 115002669 DEED OF TRUST (Continued) 5 0 7 Page 7 so modified, il shall be considered deleted from Ibis Deed of Trusl. Unless olherwise required by law, the illegality, invalidily, or unenforceabilily of any provision ol this Deed of Trusl shall not affect the legality, validily or enforceability of any other provision ol Ibis Deed of Trust. Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this Deed of Trust shall be binding upon and inure to the benetit of the parties, Iheir successors and assigns. I1 ownership oi Ihe Property becomes vested in a person olher than Trustor, Lender, without notice to Truslor,' may deal with Trustor's successors wilh reference to this Deed of Trust and the Indebtedness by way ot Iorbearance or extension withoul releasing Truslor from the obligations of this Deed of Trusl or liability under the Indebtedness. Time is of the Essence. Time is of the essence in the pertormance of this Deed of Trusl. Waiver of Homestead Exemplion. Trustor hereby releases and waives all rights and benefits of the homeslead exemption laws ol the State of Utah as lo all Indebtedness secured by this Deed of Trust. DEFINITIONS. The following capitalized, words and terms shall have the following meanings when used in this Deed of Trusl. Unless specifically stated to the contrary, all references to dollar amounls shall mean amounts in lawful money ot the United States ol America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Deed of Trust shall have the meanings attributed ~o such terms in the Uniform Commercial Code: Beneficiary. The word "Beneficiary" means Far West Bank, and ils successors and assigns. ' Borrower. The word "Borrower" means MARTIN A. CARLSON and includes all co-signers and co-makers signing the Nole. Deed of Trust. The words "Deed ot Trust" mean this Deed ol Trust among Truslor, Lender, and Truslee, and includes wilhoul limitalion all assignmenl and security inleresl provisions relating 1o the Personal Property and Rents. Default. The word "Default" means the Default sel forth in Ibis Deed of Trust in the section tilled "Default". Environmenlal Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relaling lo the protection ol human heallh or the environmenl, including without limitalion the Comprehensive Environmenlal Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, el seq. (°'CERCLA"), the Superfund Amendments and Reaulhorization Act ot 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservalion and Recovery Ack 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuanl Ihereto. Event of Defaull. The words "Event ol Defau!l" mean any ol the events ol defaull set forth in this Deed ol Trust in the events ol defaull section of this Deed of Trust. Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described in the Existing Liens provision of this Deed ot Trust. Guaranty. The word "Guaranly" means the guaranty from guaranlor, endorser, surety, or accommodalion party to Lender, including without limitation a guaranty of all or part of the Note. Hazardous Subslances. The words "Hazardous Substances" mean malerials thai, because ol Iheir quanlity; concenlralion or physical, chemical or infectious characleristics, may cause or pose a present or polenlial hazard to human heallh or the environment when improperly used, lreated, stored, disposed of, generated, manufactured, lransported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limilation any and all hazardous or toxic substances, malerials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitalion, petroleum and pelroleum by-producls or any traclion thereof and asbestos. improvements. The word "improvements" means all existing and future improvemenls, buildings, structures, mobile homes affixed on Ihe Real Property, facilities, addilions, replacemenls and other'construclion on the Real Property. Indebtedness. The word "Indebtedness" means all principal, interest, and olher amounts, cosls and expenses payable under the Nole or Related Documents, togelher wilh all renewals of, exlensions ol, modifications of, consolidations ol and substitutions for the Nole or Related Documenls and any amounts expended or advanced by Lender to discharge Truslor°s obligations or expenses incurred by Trustee or Lender to enforce Trustor's obligations under this Deed ol Trust, logether with interest on such amounts as provided in this Deed ol Trust. Lender. The word "Lender" means Far West Bank, ils successors and assigns. Note. The word "Note" means the promissory note dated September 8, 2003, in the original principal amount of $18,480.00 from Borrower to Lender, together ~vith all renewals of, extensions of, modifications of, refinancings ol, consolidalions of, and subslilulions for lhe promissory nole or agreement. Personal Property. The words "Personal Properly" mean all equipmenl, fixtures, and other articles of personal properly now or hereafler owned by Truslor, and now or hereafter attached or atlixed to the Real Property; Iogether with all accessions, paris, and addilions Io, all replacements of, and all subslilutions for, any of such property; and together with all proceeds (including wilhout limilalion all insurance proceeds and refunds ol premiums) from any sale or other disposilion of lhe Properly. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean lhe real property, inleresls and righls, as further described in Ibis Deed of Trust. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collaleral mortgages, and all olher inslrumenls, agreements and documents, whelher now or hereafter existing, execuled Jn conneclion wilh lhe Indebledoess. Ranis. The word "Rents" means all presenl and future rents, revenues, income, issues, royalties, prolits, and other beneliis derived from Ihe Properly. Trustee. The word "Trustee" means FAR WEST BANK, whose address is 308 WEST TABERNACLE, ST. GEORGE, UT 84770 and any substitule or successor truslees. Trustor. The word "Trust0r" means M/~RTIN A. CARLSON and BRENDA G. CARLSON~ "-~- DEED OF TRUST Loan No: 115002669 (Continued) 5 0 8 Page 8 EACH TRUSTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST, AND EACH TRUSTOR AGREES TO ITS TERMS. TRUSTOR: .... STATE OF ) )ss COUNTY OF ~/~ ~7o~ ) and deed, for the uses and purposes therein mentioned. Given under my hand and official seal this O ~7 On Ihis day before me, the undersigned Notary Public, personally appeared MARTIN A. CARLSON and BRENDA G. CARLSON, to me known Io be Ihe individuals described in and who executed the Deed o! Trust, and acknowledged Ihal Ihey signed the Deed of Trusl as lheir free and voluntary act ,20 day of .~ ~ ~ Residing al ~ ~ My commission expires Notary Public in and for Ihe Slate of ~.-v~l~ REQUEST FOR FULL RECONVEYANC (To be used only when obligations have been paid in full , Trustee To: NOTARY PUBLIC RANDY W. STOWE 30g W TABFRNCAI,E ST GEORGE. UT 84770 STATE OF UTAH The undersigned is the legal owner and holder of all Indebledness secured by this Deed of TrusL All sums secured by this Deed of Trust have been fully paid and salisfied. You are hereby directed, upon paymenl 1o you of any sums owing to you under lhe terms of lhis Deed et Trust or pursuanl Io any applicable slalule to cancel lhe Note secured by Ihis Deed of Trust (which is delivered fo you logether wilh this Deed of Trusl), and Io reconvey, wilhoul warranly, to Ihe parlies designated by lhe terms of this Deed of Trust, the estate now held by you under this Deed of Trust. Please mail Ihe reconveyance and Relaled Documenls Io: Date: Beneficiary: By: Ils: LASER Pge Lending, vet 5.22.10.oo5 Cegr. Hargand Financial Solullon$. Inc. t997. 2003 An Rtghls Reserved. - UT G:ICFI~LPL~GOI,FC TR~6404 5O9 Exhibit "A" STAR VALLEY RANCH PLAT SIX (6) LOT SIXTY (60) as platted and recorded in the Official Records of Lincoln County, Wyoming.