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HomeMy WebLinkAbout900625Return To: FIRST NATIONAL BANK OF MORGfN 120 NORTH STATE MORGAN, UT 84050 Parcel Tax Serial Number: State of Utah Space Above This Line For Recording Data DEED OF TRUST (With Furore Advance Clause) DATE AND PART[ES. The date of this Deed of Trust (Security Instrument) is .0.8.-?2...2.0.0.4 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: GRANTOR: ALAN D. HEINER end JEAN A. HEINER. J EROS 125 S MORGAN VALLEY DR MORGAN, UT 84050 [] If checked, refer to the attached Addendum acknowledgments. TRUSTEE: FIRST NATIONAL BANK OF MORGAN 120 N STATE ST MORGAN, UT 84050 incorporated herein, for additional Grantors, their signatures and LENDER: FIRST NATIONAL BANK OF MORGAN MORGAN OFFICE Organized and existing under the laws of the United States of America 120 NORTH STATE P.O. BOX 870 MORGAN, UT 84050 8~-0155097 CONVEYANCE. For good and valuable o. onsideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Grantor's performance under tl~is Security Instrument, Grantor irrevocably grants, conveys and sells to Trustee in t~ust for the benefit of Lender, with power of sale, the following described property: SEE EXHIBIT "A" ATTACHED HERTO AND MADE A PART HEREOF The property is located in LINCOLN . . .................................. at I,O.T. ~p.5. iS.T.A. ~. y^L, Lfiy FI.AN~.H .Ry. PAFI.K..Pt&T.... (County) ONLY.. THAYNE .............. ~ ..... 83177 (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or a~ any time in the future, be p~rt of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMITi The total principal amonm secured by this Security Instrument at any one time shall not exceed $1.2,ooo Od .................................................. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument.to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items :'uch as borrowers' names, note atnounts, interest rates, maturity dates, etc.) FNB MORGAN PROMISSORY NOTE OF EVEN DATE. UTAH - HOME EQUITY LINE OF CREDIT DEED OF TRUST (NOT FOR FNMA, EHLMC, FHA OR VA USE) ~ ©1994 Bankers Systems, linc. SI. Cloud, MN Form OCP-REDT-UT 1112012000 (page I of 4) B. All future advances from Lende/ to Grantor or other future obligations of Grantor to Lender under any promissory note, contract, guaranty, or oiler evidence of debt executed by Grantor in favor of Lender after this Security Instrument whether or not this S6curiry Instrument is specifically referenced and whether or not such future advances or future obligations are incurred for any purpose that was related or unrelated to the purpose of the debt. If more than one person signs this Security .Instrument, each Grantor agrees that this Security Instrument will secure all future advances and future oblig~ lions that are given to or incurred by any one or more Grantor, or any one or more Grantor and others. All future advances and other future obligations are secured by this Security Instrument even though all orpart may not yet be advanced. All future advances and other future obligations are secured as if made on the date otthis Security Instrumeilt. Nothing in this Security instrument shall constitute a coInmitmenl to make additional or future loans or advances iln any amount. Any such con~mltment must be agreed to in a separate writing. C. All other obligations Grantor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreemem between Grantor and Lender. D. All additional sums advanced and exllenses incurred by Lender Ibr insuring, .preserving or otherwise protecting the Instrument.Property and its value and any other sams advanced and expenses incurred by Lender under the terms of this Security In the event that Lender fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Grantor's principal dwelling that is created by this Security Instrument (but does not waive the security interest Ibr the debts referenced in paragraph A of this Section). i. DEED OF TRUST COVENANTS. Grantar agrees that the covenants in this section are ~naterial obligations uuder the Secured Debt and this Security Instrument. It' Grantor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Grantor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Payments. Grantor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests, With regard ro an} other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or erlcumbrance on the Property, Grantor agrees to make all payments when due and to perform or comply with all covenants. Grantor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreet~lent secured by the lien document without Lender's prior written approval. Claims Against Tide, Grantor will .pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the P:t'operty when due. Lender may require Grantor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Grantor's payment Grantor will defend title to the Property against any claims that would impair the lien of this Security lnstrulnent. Grantor agrees to assign to Lender, as requested by Lender, any rights, claims or, defenses Grantor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Grantor will keep the Property in good condition and make all repairs that are reasonably necessary. Grantor' shall not commit or allow any waste, impairment, or deterioratien of the Property. Grantor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Grantor will not permit any cLange in any license, restrictive covenant or easement without Lender's prior written consent. Grantor will notify Lender of all demands, proceedings, claims, and actions against Grantor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the tlr)ose of ins ecnn t)e .Property. Lender shall ~ive Grantc,r notice at the time of or be~', ..... : .......... : .... ,:. P I ., P ' . g · ,- -,-.,.. m~ mauct, uun specnylnt~ a reasonable Hr ose o the inspection. Any inspection of the Pronertv shall be entirelu for Lon,l~.r',, k,~v: ..... r, v .... P p , t r Lender's inspection. - ~ I ....... uuuc,t auu uramor Will In no way rely on Authority to Perform. If Grantor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Grantor appoints Lender as attorney in fact to sign Grantor's name or pay any amount necessary for performance. Lender's right to perform for Grantor shall not create au obligation to perform, and Lender's failure to pertbrm will not prechlde Lender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Grantor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominimn or a planned unit development, Grantor will perform all of Grantor's duties under the covenants, by-laws, or regulations of the condominium or planned unit developtnent. Condemnation. Grantor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condenmation, eminent domain, or any other means. Grantor authorizes Lender to intervene in Grantor'.q name in any of the above described actions or claims. Grantor assigns to Lender the proceeds of any award or claim f~)r damages connected with a condcnmation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to .the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Grantor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Grantor snbject to Lender's approval, which shall not be unreasonably withheld. If Grantor fails to maintain the coverage described above, Lender maY,Instrument.at Lender's option, obtain covera ge to. protect Lender's rights in the Property according to the terms of this Security All insurance policies and renewals sl~,all be acceptable to Lender and shall include a standard "mortgage clause" and, .where applicable, "loss payee clause.' Grantor shall inm~ediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hohl the policies and renewals. Il' Lender requires, Grantor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Grantor shall giye ilnmediate notice to the insurance carrier and Lender. Lender may m~ke proof of loss if not made irmncdiately by Grantor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Grantor. If the Property is acquired ky Lender, Grantor's right to any insurance policies and proceeds resulting fi'om damage to the Property before the acqu:sition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. ~ ©1994 Bat~ke*$ Systems, Inc., SI. Cloud, f,lN Form OCP-REDT-UT 11/20/2000 (page 2 of 4) FinancialinformationReportSLender andma Additionaldeem reasonal:lD°cumentS'n ~ , Grantor will provide to. Lender upon reauest. , any, finanmal. ' staten~ent or · ..... ty y e~essary. Grantor agrees to s~gn, deliver, and {:tie any additional documents or certmcations that Lender may, considc.r necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Lender s lien stztus on the Property. WARRANTY OF TITLE. Grantor ~arrants that Grantor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Grantor also warrants that the Prop :rty is, unencumbered, except fur encumbrances of record. DUE ON SALE. Lender may, at its option', declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for'.the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R~, 591), as applicable. DEFAULT. Grantor will be in default if anyI of the following occur: Fraud. Any Consumer Borrower engages in~tYaud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on anY Secured Debt that is an open end borne equity plan fails to make a payment when due. i Property. Any action or inaction by tb~ Borrower or Grantor occurs that adversely_ affects the Property or Lender's rights in the Property. This includes, but is not limited to the following: (a) Grantor tails to maintain required insurance on tbe Property; (b) Grantor transfers the Property; ,.(c) Grantor commits waste or otl~erwise destructively uses or l:ails to maintain the Property such that the action or mactio:.~ adversely affects Lender's security' (d) Grantor tails to a taxes on the ,Prope.rty pr otherwise fails to act and thereby, causes a lien to be filed aoainst the 1~ ......... ~-..,: ........? -y' ...... aecunty Instrument; (e) a sole Grantor die,i; (10 if more than one Grantor any ~r~a'~o~r~'~l~;s~=a~C~re~e'~ is~eecnur°irt vroperty and as a result, Lender's interest is ailversely affected P 'es on me Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amo(,nt greater than the amount permitted under federal laws and regulations. REMEDIES ON DEFAULT. In addition. !;o any other remedy available nnder the terms of this Security Instrument, Lender ma~ accelerate the Secured Debt and foreclose this Security Instrument in a xnanner provided by law if Grantor is in default. In some instances, federal and state law will require Lender to provide Grantor w~th notice of the right to cure or other notices and may establish tinie schedules for lbreclosnre actions. At the option of the Lender, all or any 'part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after g)ving., notice ii required by law, upon the occurrence of a default or anytime thereafter. If.!he. re ~is a default, Tr,ust, ee shall, in arldition 'to any other permitted remedy, at the reqnest of the Lender advertise and sen me ~'roperty as a WhOre or in separ~te parcels at public auction to the highest bidder lbr cash and conve3 absolute title free and clear of all right, title and interest of Grantor at such time and p~ace as Trustee designates· Trustee shall give notice of sale including the time, terms, and place of sale and a description of the property to be sold as required by the applicable law in effect at the thne of the Proposed sale. Upon sale of the prolcert), and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveJts ausomte title to the purchaser, and after first payin~t all f~es, charges and costs, shall pay to Lender ail moneys advanceafor repairs, taxes, insurance, liens, assessments and'prior encumbrances and interest thereon, and the princl, pal and interest on the Secured Debt, paying the surplus, if any, to Grantor. Lender may purchase the Pronertv. The recitals tn any deed of conveyance shall be prm~a .facie evidence of the facts set Ibrth therein· The acceptance by Lender of any Sum in Pa~,ment or partial payment on the Secured Debt after the balance is due or is accelerated or after fureclosure procee0ing~ are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not ex~:rctsir,g any remedy on Grantor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. EXPENSES; ADVANCES ON COVENAb!'TS; ATTORNEYS' FEES; COLLECTION COSTS. If Grantor breaches any covenant in this Security Instrumentl Grantor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the PropertY. Such expenses include, but are not limited to, fees incurred for ins ectin pr.e. se. rving, or otherwise protecting the Property and Lender's security interest These exnenqeq :~r~ nauahl will t~ear interest f¥om the date of payment marl paid in full at the hig'hest rate'of interes"(~:i~'~e-t~i.'e-cTa~p~r~o~ih~l of the Secured Debt. Grantor agrees to *~ay all costs and expenses incurred by Lender in collecting, entbrcing or protecting Lender's rights and remedies under thi} Security Instrument. This amount may include, but is not limited to, reasonable attorneys' rees, court costs, and Other legal' expenses. To the extent permitted by the United States Bankruptcy Code, Grantor ',a, grees to pay the reasonable a;torne'ys' fees Lender incurs to collect the gecured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. ~;rantor agrees to pay for any recordation costs o:7 such release. ENVIRONM]gNTAL LAWS AND HAZARDous SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensi~i:.e Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, :state and local laws, regulations, ordinances, court orders, attorney general a inions or interpretive letters concerning the' public health, safety, welfare, environment or a hazardous substance; and (2) zardous Substance means any toxic~ radioactive or hazardous material, waste, nollutant or coutaminant which has char. acteristi~cs~..which rende, r .the sub.stance, dangerous or p.otentially dangcrou~ to tf~e public-health~~.safety;..-welfure or environment. Tn,e, ter,,m, incmaes, without limitation, any sut~stances defiUCd as "hazardous material," "toxic substances ' "hazardous waste' or ' hazardous substarce"., uhder~ any Environmental Law.. :~, ., . ~t ~ 'I '~" i ' Grantor represents warrants and agrees lhat: . ? : ' : A. Except as previously disclosed anti ackrowledged in writing to Lender no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities'of llazai-dous Sub~'tances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender Grantor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. ' C. Grantor shall inunediately notify Lende;- if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there ts ~ violation of any Environmental Law concerning the Property. In such an event, Grantor shall take all necessary remedial;action in accordance with any Envirorm~enta[Law. D. Grantor shall immediately notify !:Lende'r in writing as soon as Grantor has reason to believe there is any t~,endin[g or threatened investigation, clahn, ,or proceeding relating to the release or threatened release of any Substance or the v~olation of any E'~vironmental Law. _ r~azaraous ~ ©1994 Banker~ Systems, Inc., S~. [:loud, I','.N Form OCP-flEDT-UT 11/20/2000 (page 3 of 4) 12. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement Grantor will not be required to pay to Lender funds for taxes and insurance in escrow. , 13. JOINT AND INDIVIDUAL LIABIi,ITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and' individual. If Grantor signs this Security Instrument but does not sign an evidence of debt, Grantor does so only to mortgage Grantor's interest in the Property to secure payment of the Secured Debt and Grantor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Grantor, Grantor agrees to waive any rights that ma revent ' · · ?..r~an?.r_. or ,any p~[y in. debted under il'lc obligation. These ri~htTmPa, incl~;~e~nd~e.r.,12_m_b~r?,.gmg .auy action or claim against ~.~t~t~°..n_.ja, w_s.,lne autms and benefits Ot' this Security I~trnn~e~"t shal['~}n~"~,c~-ut ¢.m~!ed to, any anti-deficiency or · anu L.enaer a,u oenen[ the successors and assigus of 14. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fidly integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attacbments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by. written agreement. If any section of this Security Instrument cannot be entbrced according to tis terms, that section will be severed and will not affect.the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument, Time is of the, essence in this Security Instrument. 15. SUCCESSOR TRUSTEE. Lender, at Lender's option, may from time to time remove Trustee and appoint a successor trustee without any other formality than the designation in writing. The successor trustee, without conveyance of the Property, shall succeed to all the title, .power and duties conferred upon Trustee by this Security Instrument and applicable law. ' 16, NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page I of this Security Instrument, or to any other address designated in writing. Notice to one grantor will be deemed to be ri)rice to all grantors. .7. WAIVERS. Except to the extent prohibited by law, Grantor waives all appraisement and homestead exemption rights relating to the Property· 8, LINE OF CREDIT. The Secured Deb,_- includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released 9. APPLICABLE LAW. This Security Instrt;mem is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisd:ctior where the Property ts located, and applicable federal laws and regulations. 0. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] [] Assignment of Leases and Rents [] Other [. [] ADDITIONAL TERMS. GNATURES: By signing below, Grantor agrees to the terms and covenants contained in this Security Instrument and in any achments. Grantor also acknowledges rece;~pt ota copy of this Security Instrument on the date stated on page 1. .......... . ................. . ;nature) ALAN B. HEINER r (Date) /Ad,nature) JEfiN ~. HEINER / (Datei- ?KNOWLEDGMENT: STATE OF .U.t.a.h. ..................i, ..................... COUNTY OF .M..0.R..B.A.N. .... This instrument was acknowledged 15efore xne this .2.2.0.~ ............... day of .]iu.;i,.',.'i.~.~.~i ......................... } ss. ,~d.m by ^[.~.~. P..H..~.~.~.[li.4~.A.N A..H..~.~.E.R.,.J. TIIOS ' ' ..................................... ........................... ,:.. .......... ......... ..... (Nolary Public) ....................... Residing at: ]20 ~ STATE ST MORGAN, IJT 84050 r ~ NOTA~YPUflLIC ' "~ DAw ^LEX NDr- I ...... J ~~Y ~omm~ton ~res JSly 7, 2906 ~ .... 8tare off Utah ©1994 13anka[s Syslems, Inc., Si. Cloud, MN Forn', OCP-REDT-UI l 1/20/2000 [page 4 of 4)