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HomeMy WebLinkAbout893583BLT CW-1381 i. oo 35357 DEED OF TRUST LINOOL!! O©,.r,,T¥ CLERK THIS DEED OF TRUST is granted by RICK GLEN CORSI attd RITA ANN CORSI,~. hus.band,.and,~eife.,, Ys4 GRANTOR to BONNEVILLE LAND & TITLE CO., an Idaho Corporation, as TRUSTEE, for · RANCIt HOMES, INC., att Idaho Corporation, as BENEFICIARY. WI TNESSETIt: Grantor does hereby irrevocably GRANT, BARGAIN, SELL AND CONVEY TO TRUSTEE IN TRUST, WITH POWER OF SALE, the following described real property, to wit: See Exhibit "A" attached hereto attd made a part hereof TOGETHER WITH an), and all Onprovements, water and ditch rights, easements, tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, and any reversion, remainder, rents, issues and profits thereof For the Purpose of Securing: 1. Performance of each agreement of Grantor herein contained. 2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of NINETY ONE THOUSAND THREE HUNDRED NINETY EIGItT DOLLARS AND SEVENTY CENTS ($91,398. 70), the final payment of principal and interest thereof, if not sooner paid, to be finally dne and payable December 16, 2003. 3. Payment of all such further sums as may hereafter be loaned or advanced by the Beneficiary for any purpose: and any notes, drafts and/or other instruments representing such further loans, advances or expenditures shall be optional with the Beneficiary, and shall become due and payable no later than the final maturity date of said note secured hereby; and provided fitrther, that it is the express intention of the parties to this Deed of Trust that it shall stand as continuing security until paid all such loahs, advances or expenditures together with interest thereon. A. To protect the secarity of this Deed of Trust, Grantor covenants attd agrees: 1. To keep said property in good condition and repair; to not remove or demolish any building thereon; to complete or restore promptly and in a good workmanshiplike 'manner any bnprovement which may be constructed, damaged or destroyed thereon; to pay when due all claims for labor performed and materials ~trnished thereto or therefor; to comply with all laws affecting said pr°Perty or reqnh'ing an), alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to not commit, snffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of saM property may be reasonably necessary, the spec~c enumerations herein not exchiding the general. 2. To provide, maintain and deliver fire insurance satisfactory and with Ioss payable to Beneficiary. The atnount collected under any fire or other insurance policy may, at BeneficinO~ 's option and determination, be applied upon any indebtedness secured hereby in such order as Beneficiary determines, be released to Grantor in whole or part, or any combination thereof Such application or release shall not cure or waive any defanlt or notice of default hereunder or invalidate any act done pursuant to such notice. 3. To appear itt and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficinry or Trustee; attd to pay all costs and · expenses, htcluding cost of title evidence and any reasonable attorney's fees, in any such action or proceeding which Beneficiary or Trustee may appear. 4. To pay at least ten days before delinqnency all taxes and assessme, ts affecting said property; to pay ~vhen due all encumbrances, charges and liens, with interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees attd expenses of this Trust. In addition to the payments due in accordance with the terms of the note hereby secured, the Grantor shall, at the option and on dentand of the Beneficiary, pay each month one-twelth (1/12) of the est#noted annnal taxes, assessments, insurance premiums, mabttenance and other charges upon the property, nevertheless in trust for Grantor's use and benefit and for the payment by the Beneficiary of any such items when dne. Grantor's failure to so pay shall constitute a default under this trust. 5. To pay immediately and without demand all sums expended by Beneficiary or Trustee pursuant to the provisions hereof, with interest from date of expenditure, at a rate eqnal to the interest rate payable under the promissory note described above or t~velve percent (12%) per annum, whichever is greater. 6. Should Grantor fail to ntake any payntent or to do any act as hereOt provided, then Beneficiary or Trustee, but without obligation so to do and without notice or demand npon Grantor and withont releasing Grantor fi'om any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessao~ to protect the security hereof. Beneficiary or Trustee being anthorized to enter npon said property for such pt,poses: 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 itt exercising any such powers or in enforcing this Deed of Trust by judicial foreclosure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees. B. It is mutually agreed: 1. Any award of damages in connection with any ¢ondemnation for public use of or injury to said property or any part thereof, is hereby assigned and shall be paid to Beneficiary who may apply or release such monies received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. 2. By accepting payment of any sum secured hereby after its tole date. Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare defiudt for failure so to pay. 3. At any tone or fi'ont time to tone, without liability therefor and withont notice, upon written request of Beneficiary and presentation of this Deed attd said note for endorsemeut, and without affecting the personal liability of any person for payment of the indebtedness secnred hereby. Trustee may: reconvey all or any part of said property; consent to the making of any map or plat thereof: join in granting any easement thereon; or join itt arty extension agreement or any agreement subordinating the lien or charge hereof 4. Upon written request °f Beneficiary stating that all sums secured hereby have been paid. suri'ender of the note aforedescribed and this Deed to the Trustee for cancellation and retention, and upon payment of the Trustee's fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in an), reconveyance execnted hereunder of any matters or facts shall be conclusive proof of the truthfidness thereof The Grantee !n such reconveyance may be described as "the person or persons legally entitled thereto". 5. As additional security. Grantor hereby gives to and confers upon Beneficiary the right, power and attthority, during the continuance of these Trusts, to collect the rents. issues and profits of said property as they become due and payable; Reserving howe)~er unto Grantor, prior to any default by Grantor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retai:: si:ch rents, isstles and profits. Upon any such de. fault, Beneficia~ ry may at att. v tone withont notice, either in person, by agent or court appointed receiver, attd without regard tO the adequacy of any security for the indebtedness hereby secured, enter t~pon and take possession of said property or arty part thereof, in his own name sue for or other}vise collect such rents, issues and profits, including those past due and nnpoid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may deterndne. The entering up~n and taking p~ssessi~n ~f said pr~perty~ the c~ecti~n ~f such rents, issues ~nd pr~ts and the app~icati~n there~f as af~resaid~ shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice. 6. Upon default by Grantor in payment of any indebtedness secnred hereb)~ or in performance of any agreement hereunder, all sums secured hereby shall Onmediately become due ond payable at the option of the Beneficiary. ~lt the option of Beneficiary, the Beneficiary may enforce the obligations of this Deed of Trust, or the obligations of the Grantor secured hereby, throngh any and all means authorized under the laws of the State of Idaho. 7. Trustee is not obligated to notify, arty party hereto of pending sale under any other Deed of Trust'Or of any action or proceeding in which Grantor, Beneficiary or Trustee shall be a party. 8. This Deed of Trust applies to. inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and assigns. The term Beneficiary shall mean the holder and owner of the note secured hereby; or if the note has been pledged, the pledgee thereof In this Deed of Trust, wherever the context so requires, the masculOte gender includes the femhtine and/or neuter, and the singidar number includes the plural. BOnneville La:p,d & Title Co. Deed of Trust 0,'9~ Y fs~d~T - 497N. CapitalAve * P.O. Box 51690*"i'd~)i~t'atls, ID 83405-1690' (208) 524-6600 9. DUE ON SALE: This loan is personal to Grantor attd is not assignable. Itt making it, Beneficiary has.relied on Grautor's credit, Grantor's interest itt the trust properO~, attd financial market conditions at the time this Ioau is made. If Grautor transfers, or contracts to transfer, title to or possession of, all or part of the property, or arty equitable btterest therein, whether by deed, contract for dee& assignment, lease for a term itt excess of one year, lease with att option to purchase, option to purchase, or sOnilar agreement, Beneficiary may declare all sums under arty note(s), agreement(s) at,d/or security iustrumeut(s) associated herewith intntediately due attd payable. Not,compliance with ~he ternts attd conditions of this paragraph shall constitute attd be a defatdt of this obligation fi'om which there shall be no redemption or cure attd which default shall entitle Beneficiary to effectuate any attd all rentedies provided itt ato! note(s), agreement(s) at,d/or security instrttntent(s) associated herewith. Daled: Sept, p~fper ~, 2003 . Rick Glea Corsi Rita Ann Corm STATE OF )/ COUNTY OF~ ) ) ss On September 16, 2003~ ., before nte, the andersigned, personally appeared Rick Glen Corsi attd Rita Ann Corm kaown or ideatified to me to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that he/she/they e~-ecuted Ihe sante. ~!'~tat), Public~or the State of.~t~no' Con,,,ission ~piration Date: ~0~ STATE OF UTAH My Commission Expires June 6, 2006 1~00 So~h g~c~rush ~o D~p~r, ~ah 84020 REQUEST FOR FULL RECONVEYANCE (To be used ouly when note has been paid} The uadersigned is the legal owner and holder of all #~debtedness secured by the within Deed of Ttntst. All sunts secured have been fidly paM. You are hereby reqaesled and directed to cancel all evideaces of indebtedaess secured by said Deed of Trust attd to reconvey, without warraaO,, the estate now hem b), you under the same. THE PROMISSORY NOTE OR NOTES. AND EVIDENCES OF FURTHER AND/OR ADDIIIONAL ADVANCES MUST BE PRESENTED WITH THIS REQUEST. Note Owner(s) Please deliver Reconveyance to the followiag: Deed of Truest 0/9~ - Page 2 Bonneville Land & Title Co. 497N. Capital Ave * P.O. Box .51690 * Idaho Fall$, ID 83405-1690' (208) .$24-6600 359 Exhibil "A" That pad of the NWI/4SEI/4 of Seclion 27, T36N, R119W, Lincoln County, Wyoming, being part ct that tract of record in tim Office of the Clerk of Lincoln County in Book 429 of Phoiostatic Records on page 28, described as follows, all in accordance with Wyoming Slalutes, 2001, as amended, Section 1g-5-503(a)(i): Beginning at the nodhwest corner of said NWI/4SEI/4; ~rhence. N89O57'28"E, 295.00 feet, along the north line of said NWI/4SF_.I/4, to a point; Thence S00°18'57''E, 361.15 feel, lo a point 'parallel with the west line of said NWI/4SEI/4~; , "W Thence S1~9 57 28 .295.00 feet, along a line parallel with said north line, to a point on the wesl line of said NWI/4SEI/4; Thence NO0"18'57"W, 361.15 feet, along said west line, to the corner of beginning