HomeMy WebLinkAbout902010WHEN RECORDED RETURN TO:
ZIONS FIRST NATIONAL BAHK
2460 SOUTH 3270 WEST
WEST VALLEY, UT 84119
4730004000582
ERIN THOMSON
REQUEST FOR FULL EcONVEYANCE
RECEIVED
_INCOLH COt. r',ITY CLEI~I'<
q
TO SOUTHWEST TITLE COMPANY INC, TRUSTEE
The undersigned beneficiary is the legal owner and holder of
the Promissory Note for the total sum of 45,000.00 and ali other
indebtedness secured by Deed of Trust datedDECEMBER 14, i99~ made
by M SANY TAWFIK AND ISIS TAWFIK ; recorded DECEMBER 17, 1998, as
FILING NUMBER 855506, records of LINCOLN County, WYOMING.
You are hereby requested, in acco~dance wi~ the terms of said
Deed of Trust, to reconvey, without warranty, to "the person or
persons legally entitled thereto", the estate now held by you
thereunder in said Deed of Trust, situate in LINCOLN County,
WYOMING.
i[~nessed: MAY 3-1, 2004
NOTARY PUBLIC
2460 South 3270 VVest
West Valley City, UT ~120
COMMISSION EXPIRES
February 28. 2006 j
STATE OF UTAH
BOOK
WHEN RECORDED, MAIL TO:
ZIONS BANK
FILE REVIEW
P. O. BOX 30160
SALT LAKE CITY. UT 84130-0160
Title Company 1ST AMERIC3LN
Commitment # FAS735M
423 119
PR l'A(JIi
LIk, b0J',J COLJ!,J]'Y CLEi~r,
8
5 5 5 0 6
THIS SPACE IS FOR RECORDER'S USE ONLY
ZIONS BANK
TRUST DEED AND SECURITY AGREEMENT
WITH ASSIGNMENT OF RENTS
PRINCIPAL LOAN DATE ACCOUNT NUMBER APPLICATION D
$ 45000.00
12/14/98 [ 001004730004000582 ] 337006 ]
THIS TRUST DEED is made on December 14
M SAMY TAWFIK AND ISIS TAWFIK
, 19 98 , between:
as TRUSTOR, whose address is 87 W FI,KHOP, N DR, THAYNE, WY, 83217 ;
FIRST AMERICAN TITLE COMPANY as TRUSTEE, and ZIONS BANK, a national banking association, as
BENEFICIARY, whose address ~s noted above.
WITNESSETH: That Trustor GRANTS, BARGAINS, SELLS, CONVEYS AND WARRANTS TO TRUSTEE IN TRUST,
WITH POWER OF SALE, the following described land, situated in LINCOHx] County, State of Wyonfirtg a~d
more fully described as follows:
LOT 26 OF PRATER CANYON ESTA%ES UNIT NO. 4, LINCOLN COUNTY, WYOMING
AS DESCRIBED ON THE OFFICIAL PlAT THERI~F.
which is commonly known as, or has the address of
87 W F:f,KHORN DR, THAYNE, WYOMING, 83217
together with all of the following prol~erty, whether now existing, or hereafter arising: all buildings, structures and other
improvements of every nature whatsoever now or at any time hereafter constructed or siluated on said land and all
tangible personal property and fixtures owned by Trustor and now or hereafter located on, attached to or used in
connection with the operation or maintenance of such land, buildings, structures or other improvemer~ts, includinu all
replacements of any of the foregoing and any and all additions thereto; all rights-of-way, easements, 9ores of land, and
licenses relating Or appurtenant to said land; ail water rights and stock; all mineral, oil and 9as righls and p
issues, profits, and income of whatever nature of and from the foregoing; all right, title and interest o[ Trustor in and to
any and all present and future leases of said land or space in any buildin9 erected thereon, including the right to receive
rent; all tenements, hereditaments, rights, privileges, and appurtenances relating or belonging to the foregoing; all
awards made for the takin9 by eminent domain or by any proceeding or purchase in lieu thereof of the foregoing or any
portion thereof; and all proceeds of insurance paid on account of any partial or total destruction of the foregoing. All of
the foregoing land and property is hereinafter referred to as the "Property" This Trust Deed is also intended to be a
fixtures and mineral filing and is to be indexed as such in the real .property records.
This conveyance and warranty by Trustor to Trustee is made for the purpose of securing: (1) the payment and
performance of each and every obligation under that certain promissory note (the "Note") dated
Decembez' 14 , 19 98 , in the original principal sum of $ 45000. O0 , executed
by M SA]v]~ TAg/I~IK AND ISIS TAIflE~IK payable to the order of Beneficiary;
(2) any extensions, renewals, or modifications of the Note or the obligations evidenced thereby; (3) the payment and
performance of each and every agreement and obligation of Trustor under this Trust Deed and under any otller
instrument given to evidence or further secure the payment and perforn~ance'of any obligation secured hereby; (4) the
payment of such additional loans or ad~)ances as hereafter may be made to Trustor, or Trustor's successors or assigns,
when evidenced by an instrument or instruments reciting that they are secured by this Trust Deed; and (5) the payment
of all sums expended or advanced by Beneficiary or Trustee under or pursuant to the terms of this Trust Deed, the Note,
or any instrument further evidencing or securing any obligation secured hereby, together with interest thereon as herein
provided (collectively the "Obligations"). The Note, this Trust Deed and every other instrument further evidencing or
securing any Obligation secured hereby are sometimes hereinafter collectively referred to as the "Loan Documents".
TRUSTOR COVENANTS that Trustor is lawfully seized of the estate I~ereby conveyed and has the right to grant and
convey the Property and that the Property is unencumbered except for encumbrances accepted by Beneficiary. Trustor
warrants and will defend the title to the Property against all claims and demands, subject to the encumbrances accepted
by Beneficiary.
NOW, THEREFORE, in order to protect the security of this Trust Deed, Trustor agrees as follows:
1. Maintenance of the Property. Trustor shall (a) keep the Property in good condition and repair and do all acts
reasonably necessary in order so to do; (b) not remove or demolish any building on the Property; (c) complete or restore
promptly and in good and workmanlike manner any building whi.ch may be constructed, damaged, or destroyed on the
Property, and pay when due all claims for labor performed and materials furnished therefor; (d) comply with all laws,
ordinances, regulations, covenants, conditions, and restrictions affecting the Property; (e) not commit or permit any
waste of the Property; (f) not commit or permit any act upon the Property in violation of law; and (g) not destroy,
damage, or substantially change the Property.
2. Insurance. Trustor shall provide and maintain (a) multi-peril policy of property insurance covering all completed
improvements on the Property, providing as a minimum fire and extended coverage (including all pe. rils normally covered
by the standard "all risk" endorsement, if such is available), on a full replacement cost basis in an amount riot less than
100% of the insurable value of the completed improvements, exclusive of the land, foundations and other items normally
excluded from coverage; (b) bodily injury liability insurance with such limits as Beneficiary may reasonably require; (c) if
the Property, or any pprtion thereof, is or at some rut.ute time is determined to be located in a special flood hazard area
as identified by the Secretary of Housing and Urban Development or the Federal Emergency Management Agency, then
Trustor shall obtain and maintain a blanket policy of flood insurance of such type and types and in such amoullts as
Beneficiary may require on the Property; and (d) such other insurance coverage of such type or types and in such
amounts as Beneficiary may require on the Property. Trustor shall promptly pay when due any premiums for such
insurance. Such insurance shall be in form and carried with companies approved by Beneficiary and sball contain an
endorsement or agreement by the insurer that any loss shall be payable in accordance with the terms of such insurance
notwithstanding any negligent act of Trustor which might otherwise result in forfeiture of the insurance. The policies
shall provide that the insurer will waive all rights of set-off, counterclaim or deduction against Trustor, and shall contain a
provision that such policies will not be cancelled or materially amended or altered without first affordi~19 Beneficiary at
least thirty (30) days prior written notice. All such insurance shall contain a standard "mortgagee protection clause" and
shall name Beneficiary as an additional insured or loss payee, whichever is appropriate. In the event of loss, Trustor shall
give immediate notice to Beneficiary, who may make proof of loss, and each insurer concerned is hereby authorized and
directed to make payment for such loss directly to Beneficiary instead of to Trustor and Beneficiary jointly. If Trustor
fails to provide satisfactory hazard insurance, Beneficiary may procure (but without obligation so to do and witliout
notice to or demand upon Trustor and without releasing Trustor from any obligation hereof), on Trustor's behalf,
insurance in favor of Beneficiary alone.
;' 0 ~,..! 3 ~ ZIONS BANK
TRUST DEED AND SECURITY AGREEMENT
PRINCIPAL LOAN DATE ACCOUNT NUMBER APPLICATION ID
3. Evidence of Title. Trustor shall deliver to, pay for, and maint.ain with Beneficiary, until the Obligations are paid in full,
such evidence of title to the Property as Beneficiary may requi're, including, without limitation, a policy or policies of title
insurance and any extensions or renewals thereof, or supplement or endorsements thereto. Trustor shall exectite and
deliver to Beneficiary such further instruments, including without limitation, Uniform Commercial Code Financing
Statements and Continuation Statements, and do such further acts as may be necessary or reasonably rectuired by
Beneficiary to fully subject the Property to the lien created hereby, and to otherwise carry out more effectively the
purposes of this Trust Deed. To the extent the Property includes personal property covered by tile UCC, Trustor hereby
grants a security interest therein to Trustee for the benefit of the Beneficiary.
4. Defense of Title. Trustor shall appear in and defend, and indemnify Beneficiary against any action or proceeding
purporting to affect the security for the Obligations, the title to the Property, or the rights or powers of Beueficiary or
Trustee; and should Beneficiary or Trustee elect also to appear in or defend any such action or proceeding, to pay all
costs and expenses, including cost of evidence of title and reasonable attorneys' fees incurred by Beneficiary or Trustee.
5. Payment of Taxes, Assessments, Etc. Trustor shall pay, at least ten (10) days before delinquency, all taxes,
assessments, charges, fines, and impositions relating to the Property, i~cluding all assessments upon water compm~y
stock, and all rents, assessments, and charges for water, appurtenant to or used in connection with the Property.
Trustor shall also pay, when due, all encumbrances, charges, and liens, with interest, on the Property or any part thereof,
which at any time appear to be prior or superior to this Trust Deed, except as allowed in accordance with Section 6.
6. Discharge of Liens. Trustor shall promptly discharge any lien which has priority over this Trust Deed unless (a)
Trustor obtains Beneficiary's written agreement to permit said lien to continue to encumber the Property, or (b) Trustor
bonds over the obligation secured by the lien in an amount and with a bonding company acceptable to Ber~eficiary,
contests the lien diligently and in good faith and defends against enforcement of the lien in legal proceedings wl~ich in tile
Beneficiary's opinion operate to prevent the enforcement of tile lie~ or forfeiture of any part of tl~e Property. If
Beneficiary determines that any of the Property is subject to a lien which may attain priority over this Trust Deed,
Beneficiary may giveTrustor a notice identifying the lien. Trustor shall satisfy the lien or take one or more of the actions
set forth above within ten (10) days of the giving of such notice.
7. Performance in Trustor's Stead. If Trustor fails to do any other act as required by th'is Trust Deed, or satisfy any duty
of Trustor under any Obligation, then Beneficiary or Trustee (but without obligation so to do and witl]out notice to or
demand upon Trustor and without releasing Trustor from any obligation hereof) may do any.or all of the following: nlake
or do the same in such manner and to such extent as either may deem necessary to protect the security for the
Obligations, Beneficiary or Trustee being authorized to enter upon the Property for such purposes; commence, appear in,
and defend any action or proceeding purporting to affect the security for the Obligations or the rights or powers of
Beneficiary or Trustee; pay, purchase, contest, or compromise any encumbrance, charge, or lien which in the judgment of
Beneficiary or Trustee appears to be prior to or superior to the Trust Deed and wldch has not been approved in writing by
Beneficiary; and in exercising any such powers, incur any liability, expend whatever amounts are reasonably necessary
therefor, including cost of evidence of title and reasonable attorney's fees. Any amounts so expended shall be secured
by this Trust Deed and shall accrue interest at the rate provided in the Note.
8. Monthly Tax and Insurance Payments. Upon written notice from Beneficiary, Trustor shall pay to Beneficiary on the
first day Of each month, for such period as Beneficiary may specify, an amount estimated by Beneficiary to be eq(~al to
one-twelfth of the annual taxes, assessments and other charges against the Property and one-twelfth of tile estimated
annual aggregate insurance premiums on all policies of insurance that Trustor is required to provide hereunder. If at any
time or for any reason the funds deposited with Beneficiary are or will be insufficient to pay such amounts as may then
or subsequently be due, Beneficiary shall notify Trustor and Trustor sh~dl immediately deposit an amount equal to such
deficiency with Beneficiary. Beneficiary shall not be obligated to pay any interest on any sums held by Be~leficiary
pending disbursement or application hereunder.
9. Repayment of Advances. Trustor shall pay within thirty (30) days after demand all sums properly expended
hereunder by Beneficiary or Trustee, with interest from date of expe~ditL,re at the rate provided in the Note, and the
payment thereof shall be secured by this Trust Deed.
10. Due on Transfer. In the event Trustor shall either sell, convey or alienate the Property, or any part thereof, or any
interest therein, without the express prior written permission of Beneficiary or be divested of title in any manner, whether
voluntarily or involuntarily, then the full principal indebtedness of the Note, and the Obligations secured by this Trust
Deed, irrespective of the maturity date expressed therein, at the option of Beneficiary and without demand or notice,
shall immediately become due and payable.
11. Taking or Damage of the Property. If the Property or any part thereof is condemned or taken in any manner or
damaged by fire, earthquake, or in any other manner, Beneficiary shall be entitled to receive all compensation, awards,
and other payments or relief therefor, and shall, at its option, have the right to commence, appear in, and prosecute in its
own name, any action or proceeding, or to make any compromise or settlement, in com~ection with such taking or
3
122
damage. All such compensation, awards, damages, rights of action, and proceeds, including all insurance proceeds, are
hereby assigned to Beneficiary who shall, after deducting therefrom all of Beneficiary's expenses, have the right,
exercisable in its sole discretion, to apply the moneys so received to the reduction of the Obligations or to tile
restoration, repair, or rebuilding of the Property. If Trustor abandons the Property, or does not answer within thirty (30)
days a notice from Beneficiary that the insurance carrier has offered to settle a claim, then Beneficiary may collect the
insurance proceeds, and, at Beneficiary's sole discretion, may use such proceeds to repair or restore tile Property or to
reduce the Obligations. Trustor agrees to execute such further assignments of any compensation, award, damages, a~ld
rights of action and proceeds as Beneficiary or Trustee may require.
12. Acceptance of Late Payment Not a Waiver. By accepting any payment on the Obligations after the payment due
date, Beneficiary does not waive its right either to require prompt pay~nent clue of all other payments or to declare a
default for failure to make such payment when due.
13. Continued Effectiveness During Any Extension. This Trust Deed shall remain in full force and effect during any
postponement or extension of the time of payment of the Obligations or any portion thereof.
14. Right to Inspect Property and Obtain Appraisals. Beneficiary or its agent may make reasonable entries upon the
Property for the purposes of conducting inspections and obtaining appraisals of the Property. Beneficiary shall give
Trustor notice at.the time of or prior to any inspection specifying the reasonable cause for the inspection. Should
Beneficiary be required to obtain appraisals of the Property in order to comply with any laws or regulations imposed or
adopted by any governmental entity or regulatory agency having jurisdiction over Beneficiary, Trustor shall cooperate
with Beneficiary to obtain such appraisals and shall pay all costs of such appraisals upon demand. Any such costs not
paid by Trustor shall constitute an Obligation secured by this Deed of Trust and shall bear interest as provided in Section 9.
15. Hazardous Materials. Trustor hereby represents and warrants that no Hazardous Materials, as defined below, are
now located on the Property, and neither Trustor nor, to Trustor's knowledge, any other person has ever caused or
permitted any Hazardous Materials to be placed, held, located or disposed of on, under or at the Property, or any part
thereof. Trustor further represents and warrants that no investigation, administrative order, consent order and
agreement, litigation or settlement with respect to Hazardous Materials is proposed, threatened, anticipated or in
existence with respect to the Property. Hazardous Materials shall mean (a) "hazardous waste" as defined by the
Resource Conservation and Recovery Act of 1976 (42 U.S.C. Section 6901 et seq.), as amended from time to time and
regulations promulgated thereunder; (b) "hazardous substance" as defined by the Compreheusive Environmental
Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9601 et seq.), as amended from time to time, and
regulations promulgated thereunder; (c) asbestos; {d) polychlorinated biphelwls; (e) petroleum and petroleum products
underground storage tanks, whether empty, filled or partially filled with any substance, (f) any substance the presence of
which on the Property is prohibited by any federal, state or local law, ordinance, rule or regulation; and (g) al~y olber
substance which by any federal, state or local law, ordinance, rule or regulation requires special handling or notification il~
its collection, storage, treatment, or disposal. Trustor agrees not to cause or permit any Hazardous Materials to be
placed, held, located or disposed of on, under or at the Property or any part tllereof. Trustor further agrees to give
notice to Beneficiary immediately upon Trustor's learning of the presence of any Hazardous Materials oil the Property, to
promptly comply with any governmental requirements requiring the removal, treatment or disposal of such Hazardous
Materials, and to defend, indemnify and hold harmless Beneficiary anct Trustee from any and all liabilities, claims, losses
or costs (including, without limitation attorney's fees) which may now or in the future be paid, incurred or suffered by or
asserted against Beneficiary or Trustee by any person, entity or governmental agency with respect to tile presence on or
discharge of Hazardous Materials from the Property. The representations, covenants, warranties and indemnifications
contained in this paragraph shall survive the reconveyance of this Trust Deed.
16. Reconveyance. At any lime and from time to time, if Trustee obtains the written consent of Beneficiary and pays
its fees and presents this Trust Deed and the Note and any other instruments evidencing the Obligations for endorsemel]t
(or~ in 0ase of full.re~onveyanc;e,, for cancellation arid retention), Trustee may (without affecting the liability of any
person for the payment of the Obligations) do any of the following: (a) consent to the making of any map or plat of the
Property; {b) join in granting any easement or creating any restriction on the Property; (c) join in any subordination or
other agreement affecting this Trust Deed or the lien or charge thereof; (d) grant any extension, modification, or renewal
of the terms of the Note or other instruments governing the Obligations; and (e) reconvey, without warranly, all or any
part of the Property. The grantee in any reconveyance may be described as "the person or persons entitled thereto", and
tile recitals therein of any matters or (acts shall be conclusive proof of the truthfulness thereof. Trustor agrees to pay
reasonable Trustee's fees for any of the services mentioned in this paragraph.
17. Assignment of Leases and Rents. As additional security, Trustor hereby assigns to Beneficiary, during the
continuance of this trust, all leases of and all rents, issues, royalties, and profits on or forming part of the Property at~d
of any personal property located on the Property. Until the occurrence of a default in the payment of the Obligations or
in the performance of any agreement hereunder, Trustor shall have the rigllt to collect all such rents, issues, royalties,
and profits earned prior to default as they become due and payable; t~owever, in the event of a default as described
herein, Trustor's right to collect any such moneys shall cease and Beneficiary shall have the right, with or without taking
possession of the Property, to collect all such rents, royalties, issues, and profits. Failure or discol~tinuance of
Beneficiary at any time or from time to time to collect any such moneys shall not in any manner affect the subsequent
enforcement by Beneficiary of the right, power, and authority to collect stroh moneys. Nothing contained herein, no~ the
exercise of Beneficiary's right to collect such moneys, shall be or be deemed or construed to be an affirmation by
Beneficiary of any tenancy, lease, or option, nor all assumption of liability thereunder, nor a subordination of the lien or
charge of this Trust Deed to any such tenancy, lease or option. All future lease agreements entered inlo hy ]-[ustor, as
PRINCIPAL
ZlONS BANK
TRUST DEED AND SECURITY AGREEMENT
LOAN DATE ACCOUNT NUMBER
12/14/98 I 001004730004000582
123
APPLICATION ID
337006
landlord, which have a term of one (1) year or more and which pertain to the Property, or any portion thereof, shall
contain a covenant on the part of the tenant thereunder, enforceable by Beneficiary, obligating such tenant upon request
of Benef ciary, to attorn to and become a tenant of Beneficiary, or any pHrcbaser from Trustee or through foreclosure of
this Trust Deed, for the unexpired term of, and subject to the terms and conditions of such future lease agreement.
18. Receiver. Upon any default under this Trust Deed or under any Loan Documents, Beneficiary, as a manet of right
and without regard to the then value of the Property or the interest of Trustor therein, shall [lave tile right upon notice to
Trustor to apply to any court having jurisdiction to appoint a receiver or receivers of the Property and Trustor hereby
irrevocably consents to such appointment. Any such receiver or receivers shatl have all the usual powers and duties of a
receiver and shall continue as such and exercise all such powers until completion of the sale of the Property or the
foreclosure proceeding, unless the receivership is sooner 'terminated.
19. Possession No Waiver of Default. The entering upon and taking possession of the Property, the collection of such
rents, royalties, issues, and profits, insurance proceeds, or compensation or awards for any takiug or damage of the
Property, and the application or release thereof as aforesaid, shall not cure or waive any default or notice of default
hereunder or invalidate any act done pursuant to such notice.
20. No Waiver of Remedies. The failure on the part of Beneficiary to promptly enforce any right hereunder shall not
operate as a waiver of such right, and the waiver by Beneficiary of any default shall not constitute a waiver o[ any oiher
or subsequent default.
21. Default. Trustor will be in default under this Trust Deed upon the occurrence and continuance of any one of the
following:
(a) Except as provided otherwise in Paragraph 21(b), failure by Trustor Io observe and
perform any of the terms, covenants, or conditions to be observed or performed by
Trustor contained in this Trust Deed or any Loan Document, for a period o[ fifteen (15)
days after written notice, specifying suctl failure and requesting that it be re~edied
given to Trustor by Beneficiary, unless Beneficiary shall agree in writing to an extension
of such time prior to its exp ration;
(b) Trustor or the person obligated thereon shall fail to make any payment clue and payable
under the terms of this Trust Deed, tile Note or any Loan Document;
(c) Any maierial representation or warranty oi' tile Trustor contained in ~his Trus! Deed or
any Loan Document, was untrue when made;
(d) If (1) Trustor or any person liable on any Obligation commences any case, proceeding, or
other action seeking reorganization, arrangement, adjustment, liqu clarion, dissolution, or
composition of Trustor or such other person of Trustor's or such other person's debts
under any law relating to bankruptcy, reorganization, or relief of debtors, or seeking
appointment of a receiver, trustee, custodian, or other similar official for Trustor or such
other Pers6n or for all or any substantial part of Trustor's or such other ~erson's
property; (2) any guarantor of the Note commences any case, proceeding, or other
action seeking reorganization, arrangement, adjustment, I quidation dissolution, or
composition of such guarantor or such guarantor's debts under any law relaling to
bankruptcy, reorganization, or relief of debtors, or seeking appointment ota receiver,
trustee, custodian, or other similar official lot such guarantor or for any substantial part
of such guarantor's property; or (3) any such case, proceeding, or other action is
commenced against either Trustor or any other person liable on any Obligation, or any
guarantor of the Note and such case, proceeding, or other action either results in an
order for relief against either Trustor, such other person or any guaramo~ of the Note
which is not fully stayed within seven (7) business days after the entry thereof, or
remains undismissed for a period of forty-five (45) clays;
(e) Trustor fails to pay Trustor's debts as they become due, admits in writing 'l-rustor's
inability to pay Trustor's debts, or makes a general assignment for tile benefit of
creditors; or
(f) The occurrence of an event of default under any Loan Document.
22. Notice of Default. Time is of the essence hereof. Upon default itl the performance of any agreement hereunder,
~nder any of the Obligations secured hereby or under any Loan Document, Beneficiary may declare tl,e Obligations
mmediately due and payable. In tile event of such default, Beneficiary may execute or cause Trustee to execu!e a
zvritten notice of default and of election to cause the Property to be sold to satisfy the Obligations hereof,
...... -. 08aa,_ 0k; 12.4
and Trustee shall file such notice for record in each county wherein the Property or any part or parcel thereof,is sima'ti~d.
23. Power of Sale. After the lapse of such time as may then be required by [aw following the recordation of said nolice"
of default, and notice of default and notice of sale having been given as then required by law, Trustee, without demand
on Trustor, shall sell the Property on the date and at the time and place designated in said notice of sale, either as a
whole or in separate parcels, and in such order as Trustee may determine {but subject to any statutory ricjht of Tmstor to
direct the order in which the Property, if consisting of several known lots or parcels, shall be sold), at public auction to
the highest bidder, the purchase pti,ce payable in lawful money of the U~qited States at the time of sale. The person
conducting the sale may, for any cause deemed expedient, postpone the sale from time to time until it shall be completed
in accordance with the laws then in effect relating to postponement. Trustee shall execute and deliver to the purchaser
its Deed conveying the Property or part thereof so sold, but without any covenant or warranty, express or implied. The
recitals in the Deed of any matters or facts shall be conclusive proof of the truthfu[ness thereof. Any person, including
Beneficiary, may bid at the sale. Trustee shall apply the proceeds of the sale to payment of: (a} the costs and expenses
of exercising the power of sale and of the sale, including the payment of the Trustee's fees and attorney's fees; {b} the
cost of any evidence of title procured in connection with such sale and revenue stamps on Trustee's Deed; {c) all sums
expended under the terms hereof, not then repaid, with accrued interest from date of expenditure 'at the rate provided
herein; (d} all other Ob[icjations; and the remainder, if any, to {e) the person or persons legally entitled thereto, or the
Trustee, in its discretion, may deposit the balance of such proceeds with the County Clerk of the county in which the
sale took place.
24. Surrender of Possession..Trustor agrees to surrender possession of lhe Property to the Purchaser immediately after
such sale, in the event such possession has not previously been surrendered by Trustor.
25. Foreclosure as a Mortgage. UPOn the occurrence of any defatdt hereunder, Beneficiary shall have the option to
declare the Obligations immediately due and payable and foreclose this Trust Deed in the manner provided by law for tile
foreclosure of mortgages on real property, and Beneficiary shall be entitled to recover in such proceedings all costs and
expenses incident thereto, including reasonable attorneys' fees.
26. Successor Trustees. Beneficiary may from time to time substitute a successor or successors to any Trustee named
herein or acting hereunder to execute this Trust Deed. Upon such appointment, and without conveyance ~o the
successor Trustee, the latter shall be vested with all title, power, and duties conferred upon any Trustee herein named or
acting hereunder. Each such appointment and substitution shall be made by written instrument executed by Beneficiary,
containing reference to this Trust Deed and its place of record, which, when recorded in tile office of the County
Recorder of the county or counties in which the Property is situated, shall be conclusive proof of proper appoir~tment of
the successor Trustee. The foregoing power of substitution and the procedure therefor shall not be exclusive of the
power and procedure provided for by law for the substitution of a Trustee or Trustees in the place of tile Trusme named
herein.
27. No Remedy Exclusive. No power or remedy herein conferred is exclusive of or shall prejudice any other power or
remedy of Trustee or Beneficiary.
28. Exercise of Remedies. The exercise of any power or remedy on o~,e or more occasions shall not exclude the future
exercise thereof from time to time upon the conditions prescribed herein or by operation of law.
29. Heirs, Successors and Assigns. This Trust Deed shall apply to, inure to the benefit of, and bind all parties hereto,
their heirs, legatees, devisees, administrators, executors, successors a~d assigns. In this Trust Deed, whenever the
context so requires, the masculine gender includes both the feminine and neuter, and the singular number includes the
plural.
30. Obligations Joint and Several. All obligations of each Trustor (if more than one) under this Trust Deed are joint and
several. ·
31. Beneficiary Includes Any Note Holder. As used in this Trust Deed, the term "Beneficiary" shall mean the owner and
holder, including any pledgee, of the Note.
32. Trustee's Acceptance of Trust. Trustee accepts this Trust when this Trust Deed, duly executed and acknowledged,
is madea public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any
other Trust Deed or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party, unless brought
by Trustee.
33. ARBITRATION DISCLOSURE.
(a) Any claim or controversy ("Dispute") between or among the parties and their assigns, including but not limited to
Disputes arising out of or relating to this agreement, this arbitration provision ("arbitration clause"), or any related
agreements or instruments relating hereto or delivered in conneclion herewith ("Related Documents"), and including
but not limited to a Dispute based on or arising from an alleged tort, shall at the request gl any party be resolved by
binding arbitration in accordance with the applicable arbitration rules of the American Arbitration Association ("tl~e
Administrator"). The provisions of this arbitration clause shall survive any termination, amendment, or expiration of
this agreement or Related Documents. The provisions of this arbitration clause shall supersecle any prior arbitration
agreement between or among the parties. If any provision of this arbitration clause should be determined to be
unenforceable, all other provisions of this arbitration clause shall remain in full force and effect.
1. ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY VERY LIMITED REVIEW BY A COURT.
2. IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LITIGATE IN COURT, INCLUDING THEIR RIGEtT 70 A
JURY TRIAL.
3. DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN COURT.
4. ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING IN TttEIR AWARDS. TIlE
RIGHT TO APPEAL OR SEEK MODIFICATION OF ARBITRATORS' RULINGS IS VERY LIMITED.
5. A PANEL OF ARBITRATQRS MIGHT INCLUDE AN ARBITRATOR WHO IS OR WAS AFFILIATED WITH THE BANKING
INDUSTRY.
6. IF YOU HAVE QUESTIONS ABOUT ARBITRATION, CONSULT YOUR ATTORNEY OR THE AMERICAN ARBITRATION
ASSOCIATION.
PRINCIPAL LOAN DATE - ':')' ' ' COUNT NUMBER APPLICATION ID
000.00 I I I I
(b)
(c)
(d)
(e)
(f)
The arbitration proceedings shall be conducted in Salt Lake City, Utah, at a place to be determined by the Administrator.
The Administrator and the arbitrator(s) shall have the authority to dqe extent practicable to take any action to require the
arbitration proceeding to be completed and the arbitrator(s)' award issued within onb-hundred-fifty (150) days of the filing
of the Dispute with the Administrator. The arbitrator(s) shall have the authority to impose sanctions on any party that fails
to comply with time periods imposed by the Administrator or the arbitrator(s), including the sa~lction of summarily
dismissing any Dispute or defense with prejudice. The arbitrator(s) shall have the autl~ority to resolve any Dispute
regarding the terms of this agreement, this arbitration clause or Related Documents, including any claim or controversy
regarding the arbitrability of any Dispute. All limitations periods applicable to any Dispute or defense; whether by statute
or agreement, shall apply to any arbitration proceeding hereunder and the arbitrator(s) shall have the authority to decide
whether any Dispute or defense is barred by a limitations period and, if so, to summarily enter an award dismissing any
Dispute or defense on tbat basis. The doctrines of compulsory cou~terclaim, res judicata, arid collateral estoppel shall
apply to any arbitration proceeding hereunder so that a party must state as a counterclaim in the arbitration proceeding any
claim or controversy which arises out of the transaction or occurrence that is the subject matter of the Dispute., The
arbitrator(s) may in the arbitrator(s)' discretion and at the request of any party: (1) consolidate i~ a single arbitration
proceeding any other claim or controversy involving another party that is substantially related to tile Dispute where that
other party is bound by an arbitration clause with the Bank, such as borrowers, guarantors, sureties, and owners of
collateral; (2) consolidate in a single arbitration proceeding any othe~ claim or controversy that is substantially similar to the
Dispute; and (3) administer multiple arbitration claims or controversies as class actions in accordance with the provisions of
Rule 23 of the Federal Rules of Civil Procedure.
The arbitrator(s) shall be selected in accordance with the rules of tile Administrator from panels maintained by tile
Administrator. A single arbitrator shall have expertise in the subject matter of the Dispute. Wtlere three arbitrators
conduct an arbitration proceeding, the Dispute shall be decided by a majority vote of the three arbitrators, at least one of
whom must have expertise in the subject matter of the Dispute arid at least one of whom must be a practicing attorney.
The arbitrator(s) shall award to the prevailing party recovery el all costs and fees (including attorneys' fees and costs,
arbitration administration fees and costs, and arbitrator(s)' fees). -file arbitrator(s), either during the pendency of the
arbitration proceeding or as part of the arbitration award, also may grant provisional or ancillary remedies including but not
limited to an award of injunctive relief, foreclosure, sequestration, attachment, replevin, garnishrnent, or the appointment of
a receiver.
Judgment upon an arbitration award may be entered in any court having jurisdiction, subject to the following lirnitation:
the arbitration award is binding upon the parties only if the amount does not exceed Four Million Dollars ($4,000,000.00);
if the award exceeds that limit, either party may demand the right to a court trial. Such a demand must be filed with the
Administrator within thirty (30) days following the date of the arbitration award; if such a demand is not made wirbirl that
time period, the amount of the arbitration award shall be binding. The computation of the total amount of an aibitration
award shall include amounts awarded for attorneys' fees and costs, arbitration administration fees and costs, a~rd
arbitrator(s)' fees.
No provision of this arbitration clause, nor the exercise of any rights hereunder, shall limit the right of any party to: (1)
judicially or non-judicially foreclose against any real or personal property collateral or oil/er security; (2) exercise self-help
remedies, including but not limited to repossession and setoff rights; or (3) obtain from a court having jurisdiction tl~ereover
any provisional or ancillary remedies including but not limited to injunctive relief, foreclosure, sequestration, attach~nent,
replevin, garnishment, or the appointment of a receiver. Such rights can be exercised at any time, before or during
initiation of an arbitration proceeding, except to the extent such action is contrary to the arbitration award. The exercise of
such rights shall not constitute a waiver of the right to submit any Dispute to arbitration, and any claim or controversy
related to the exercise of such rights shall be a Dispute to be resolved under the provisions of this arbitration clause.
party may initiate arbitration with the Administrator; however, if any party initiates litigation and another party disputes
any allegation in that litigation,' the disputing party-~upon the request of the initiating party--must file a detnand
arbitration with the Administrator and pay the Administrator's filing fee. The parties may serve by mail a notice of
initial motion for an order of arbitration,
Notwithstanding the applicability of any other law to the A~treement, tile arbitration clause, or Related Documents between
or among the parties, the Federal Arbitration Act, 9 U.S.C.~I 1 _eLs_~_(h, shall apply to the construction and interpretation of
this arbitration clause.
34. Governing Law. This Trust Deed shall be governed by and construed in accordance with tile laws of the State of
Presentations. Trustor (il represents that Trustor has no defenses to or setoffs against any indebtedness or Driver
obligations owing to Lender or its affiliates (the "Obligations"), nor claims against Lender or its affiliates for auy matter
whatsoever, relal~ed,or gnr.ela, ted to the Obligations, and (ii) releases Lender and its affiliates from all claims, causes of action, and
costs, in law or equity exlst~ng as of the date of this Trust Deed, which Trustor has or may have by reason of any matter of any
conceivable kind or:'qharacter whatsoever, related or unrelated to the Ob gations, ncud ag thes~ject matter of ths Tr~st Deed.
This provision ~hall no~ apply to claims for performance of express co~itractual obligations owing to Trustor by Lender or its
affiliates. ."'' .. ",. .
36. Request for Notice.' The undersigned Trustor requests that a copy of any notice of default arid of any notice of sale
hereunder be mailed to Tr'ustor at Trustor's address hereinbefore set forth.
IN WITNESS WHEREOF, Trustor has executed and delivered this Trust Deed as of the date first above written.
SIGNATURE(S) OF TRUSTOR:
By: By:
Title: Title:
By: By:
Title: Title:
Individu~ ~Z./ I
ISIS q?AWFI KL/
INDIVIDUAL ACKNOWLEDGMENT{S)
STATE OF IDAHO )
:SS
COUNTY OF /~ ~F*"e~" //-A..._ )
._. dayof ~ ~'~ ,,~ela9 , personally appeared before me
~- ~F~z ~¢h ~ ~,)' ~, the signer(s)of ~ e ipstrument, who duly acknowledged
to m~ that/he executed the same. ~ ~D ~ ~(~ ~
My Commission Expires:
Residing at:
NOTARY PUBLIC
ZIONS BANK
CONSUMER INSTALMENT LOAN PROMISSORY NOTE
PRINCIPAL LOAN DATE
0o0oo0 I
ACCOUNT NUMBER
001004730004000582
APPLICATION
337006
BORROWER:M S.Nv~ TAWFIK
ISIS TAWFIK
1595 PATRIOT CIR
IDA~ FAT~S, ID
83402
LENDER:
ZIONS BANK
IDAHO FAT,T,$ lOAN PRODUCi'ION OFFICE
1970 EAST 17TH srI'I~LF:~
SUITE 111
I[IAHO FAT,T,S, ID 83404
CONSUMER INSTALMENT LOAN PROMISSORY NOTE
$ 45000.00 Date: Decen'Ler 14, 1998
On December 14, 1998 , for value received, the undersigned (l~ereinafter referred to as "Borrower"), jointly
and severally promise to pay to the order of Zions Bank, a national banking association (hereinafter referred ~o as
"Zions"), at any of its branch offices, the sum of Foz~cZ Five ~q_ousand and 00/100
dollars ($ 45000.00), or such other principal balance
as may be outstanding hereunder, in lawful money of the United States with interest thereon in like money as
follows:
__ A variable rate equal to % plus the Prime Rate per annum (which Prime Rate is currently
% and is hereafter defined), from time to time i~ effect, adjusted as of the date of any change
in the Prime Rate, from the date hereof until paid, whether before or after judgment. In no event will the interest
rate be less than six percent (6%) nor more than twenty one percent (21%) per annum nor increase or decrease
more than two percent (2%) in any calendar year based on the interest rate in effect on the date of this
Promissory Note or the interest rate in effect on December 31 of tl~e previous year.
~ A fixed rate equal to 6,50% per annum from the date hereof until paid, whether before or after
judgment.
Interest on this Promissory Note shall be computed on a 365/365 simple interest basis by apl)lying the ratio of the
interest rate over the number of days in a year, times the outstsn'ding'-prindrra~~e actual number of days
the principgl balance is outstanding.
CONSUMER LOAN SERVICING
ZiON5 FIRST NATIONAL BANK
Payments on this Promissory Note shall be made as follows:
In 96 equal payments of $ 602.07 , commencing on Januaz¥ 1_5_L__3.99~9-
and continuing on the same day of each montl~ thereafter. Irregular paynmots (if any):
Any increase in the
interest rate may result in an increase in the number of payments, an increase in the amount o[ the payment, or
an increase in the amount of the final payment scheduled. In addition, should any increase in the interest rate
cause the interest accruing on the unpaid principal to exceed the regularly scheduled payment, the regularly
scheduled payment may automatically increase to equal the amount of the accrued interest.
__ A single payment of the entire outstanding principal balance plus accrued interest on
In quarterly payments of $
and continuing on the same day each quarter thereafter.
commencing on
Other
If a payment is not paid in full within ten {101 days after it is due. Borrower will pay a late charge equal to the gr&aier of'five
percent (§%) of the unpaid amount or Twenty Dollars ~$20}.
Unless required by applicable law, all payments received on this Promissory Note shall be applied first to any unpaid collection
costs and late charges, then to accrued unpaid interest, and any remaining amount to principal.
Prime Rate means an index which is determined daily by the published commercial loan variable rate index held by auy two of tile
following banks: Chase Manhattan Bank, Wells Fargo Bank, N.A. and Bank et America N.T. & S.A. In the event notwo of the
above banks have the same published rate, the bank having the. median rate will establish the Prime Rate. If, for arty reason
beyond the control of Zions, any of the aforementioned banks becomes unacceptable as a reference for the purpose of
determining the Prime Rate used herein, Zions may, five days after posting notice in Zions' offices, substitute another comparable
bank for the one determined unacceptable. As used in this paragraph, "comparable bank" shall mean one of [l~e ten largest
commercial banks headquartered in the United States of America. This (tefirfition of Prime Rate is to be strictly interpreted and is
not intended to serve any purpose other than providing an index to determinu the variable interest rate used for this Promissory
Note. It is not the lowest rate at which Zionsmay make loans to any of its customers, either now or in the future.
This Promissory Note may be prepaid in full or in part at any time without penalty, however, any partial prepayment will not defer
any future payments. Unless restricted by law, a portion of the prepaid finance charges (if any) equal to five percent (5%) of the
original principal balance of this Promissory Note shall be fully earned by Zions as of the date hereof and shall be nonrefundable in
the event of prepayment. Any prepaid finance charges in excess of five percent (5%) of the original principal balance of fltis
Promissory Note shall be deemed to be earned proportionally over tbe term of this Promissory Note.
If Borrower requests a payment deferral which Zions approves, or if Zions offers to allow Borrower a payment deferral and
Borrower accepts Zions' offer by not submitting Borrower's regularly scheduled payment by the due date, Zions may grant a
deferral of such payment, whether or not due, and may assess a deferral charge. Ill the event a deferral is granted for any
payment for which a late charge has already been assessed, such late charge will be waived and a deferral charge assessed.
Unless restricted by law, borrower agrees that the amount of any deferral charge shall be five percent (5%) of the unpaid portion
of the payment deferred, but never less than $20.00, plus interest for 30 days. A deferral or late charge may be collected when
assessed or at any time thereafter.
This Promissory Note shall, at the o~tion Of Zions, become immediately due anti payable without notice or demand and shall be
considered to be in default, upon the occurrence of any of the following events: (a) failure to pay any installment as it becomes
due or to pay this Promissory Note in full at maturity; (b) default in the payment or performance of any obliga~iou of any of the
undersigned to Zions; (c) death or incapacity of any individual maker of this Promissory Note or death of any general partoer
where the undersigned is a partnership or the dissolution of any partnership, corporation or other legal entity signing below; (d)
insolvency, badkruptcy receivership, assignment for the benefit of creditors or business failure of any of the undersigned; (e) a
default occurs under any instrument or document relating to this Promissory Note, including but not limited to any agreements
pledging collateral to secure repayment; (f) any warranty or representation made in favor of Zions by any of the undersigned shall
prove to be false or misleading in any respect; (g) any of tile above items occur with respect to any guarantor of this Promissory
Note; or (h) Zions reasonably deems itself insecure.
Borrower and all endorsers, sureties.~:~.~ra'r~:¢rs hereof jointly and severally waive presentment for payment, demand, protest,
notice of protest and of non-payn(~nt':ar~d '0f ;ciishonor and consent to extens OhS of t 'ne renewal waivers or modifications
w~thout not~ce and further consent tb-the release of any collateral or any part thereof, w~th or w~thout substitution.
If this Promissory Note '~)iC;S;5~'~'s"J-n'"~J~"f~'u'SiT'~B'7~T~"eS,~j'~'i~t~ly and severally, agrees to pay to the exlent allowed by law, to the
holder hereof all collect},o.~2 ~.c.o.~.~.~;,,,!.0,~:!~d.!.n.g..,[e.~a.s..9_n.a,~bl_.e_at,.~t,o..rneys' fees and legal expenses, in addition to all other amounts due
hereunder, and Zions may :Offs~t,,;agair~,St~tn~.;atlkO~t'~Z:due hereon any bank account or other amounts owed by Zions in any
capacity to Borrower. Thio l~ii~¢n~dgC"q~eteU~¢~l~l¢C'.{Jl~verned by and construed in accordance with the laws el tile State
idaho. The waiver of any default by Zions shall not constitute a waiver of any subsequent default.
ARBITRATION DISCLOSURE:
(a) Any claim or controversy ("Dispute") between or among the parties and their assigns, including but net limited to Disputes
arising out of or relating to this agreement, this arbitration provision ("arbitration clause"), o~ any related agreements or
instruments relating hereto or delivered in connection herewith ("R~;lated Docurnents"), and including but not limited to a
Dispute based on or arising from an alleged tort, shall at tile request of arty party be resolved by binding arbitration in
accordance with the applicable arbitration rules of the American Arbitration Association ("dm Administrator"). The
provisions of this arbitration clause sball survive any termination, antendment, or expiration of this agreemeot or Related
Documents. The provisions of this arbitration clause shall supersede any prior arbitration agreement between or among
the parties. If any provision of this arbitration clause should be determined to be unenforceable, all other provisions of this
arbitration clause shall remain in full force and effect.
1. ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY VERY LIMITED REVIEW BY A COURT.
2. IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LII-IGATE IN COURT, INCLUDING THEIR RIGHT TO A JURY
TRIAL.
3. DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN COURT.
4. ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING IN THEIR AWARDS. THE
RIGHT TO APPEAL OR SEEK MODIFICATION OF ARBITRATORS' RULINGS IS VERY LIMITED.
5. A PANEL OF ARBITRATORS MIGHT INCLUDE AN ARBITRATOR WttO IS OR WAS AFFILIATED WITH THE BANKING
INDUSTRY.
6. IF YOU HAVE QUESTIONS ABOUT ARBITRATION, CONSULT YOUR ATTORNEY OR Tile AMERICAN ARBITRATION
ASSOCIATION.
PRINCIPAL
11545000.00
ZIONS BANK
CONSUMER INSTALMENT LOAN PROMISSORY NOTE
LOAN DATE ACCOUNT NUMBER
APPLICATION
I I oo oo ooo ooo I ]
(b) The arbitration proceedings shall be conducted in Salt Lake City, Utah, at a place to be determined by the Administrator. The
Administrator and the arbitrator(s) shall have the authority to the extent practicable to take any action to requre
arbitration proceeding to be completed and the arbitrator(s)' award issued within one-hundred-fifty (150 (lays of t/e filing of
the Dispute with the Administrator. The arbitrator s) shallllave the authority to i~lpose sanctols o~ any I)a~[y thai fails to
comply with time periods imposed by the Administrator or the arbkrator(s) includin tile sanction of summard dsmss
any DisPute or defense with prejudice, The arbitrator(s) shall have the auth'ority to rgesolve any Dispute regardinYg the term~
of ~his agreement, this arbitration clause or Related Documents, including any clairn or controversy regarding tile arbitrab ty
of any Dispute. All limitations periods applicable to any Dispute or defense, whether by statute or agreenent, spa apply
any arbitration proceeding hereunder and[he arbitrator(s) shall have the author ty to dec de whether any Dispute or del'e~se
is barred by a limitations period and, if so, to summarily enter an award dismissing any Dispute or defense on t tat bas s
The doctrines of compulsory counterclaim, res judicata, and collateral estoppel shall apply to any arbitration proceed
hereunder so that a party must state as a counterclaim m the a~bitrafion proceeding any claim or coutroversy whc- arses
out of the transaction or occurrence that is the subject matter of the Dmpute. The arbitra[o~(s) may in the arbihalor(s)'
.discr, e.~ion and, at the_req.,ue.st, of a,ny par. fy,: (1) co0solid.ate~i0 a singl,e arbitration proceedin9 any other claim or controversy
Ii~VOlVlng anomer party mai Is suDstantlauy related to the ulspute where ti/at oilier palty is bound by an arb [ratio~l clause
with the Bank such as borrowers guarantors, sureties andowne~s of collateral; (2) co so date in a single ar)t ato~
proceeding any other claim or controversy that is substantially similar to the Dispute; and (3) administer mu t p e ad) tat or
claims or controversies as class actions in accordance witt~ the provisions of Rule 23 of the Federal Rules of Civil P~ocedore.
(c) The arbitrator(s) shall be selected in accordance with the rules of the Administrator from panels maintained by tile
Adrninistrator. A single arbitrator shall have expertise in the subject matter of tile Dispute. Where ttree a bt-ate s co,duct
an arbitration proceeding, the Dispute shall be decided by amajority vote of the three arbitratois, at least one of w~o ~ ~ust
have expertise in the subject matter of the Dispute and at least one of whom must be a practicing attorney. The arbtrator(s)
shall award to the prevailing party recovery of all costs and fees (including attorneys' fees and costs ar,union
administration fees and costs, and arbitrator(s)' fees. The arbitrator(s), either during the peldelcy o[ tm arbi[ralio~
proceeding_ or as part of the arbitration award, also may grant provisional, or ancillary, rernedies includinc, g but not limiled to an
award of nlunct ve rel cf, foreclosure, sequestration, attachment, replevin, garnishment, or t le appointment of a receiver.
(d) Judgment upon an arbitration award may be entered ill any court having jurisciiction, subject to the following limitation: the
arbitration award is binding upon the parties only if the amount does not exceed Four Million Dollars ($4,000,000.00) if tile
award exceeds that limit, either party may demand the right to a court trial. Such a demand must be filed with the
Administra,~or within thirty (30) days following the date of the arbihation award if such a demand is not made widfin
time period, the amount of tt~e arbitration award shall be binding. The computation of tile total amount of an ad]itration
award shall include amounts awarded for attorneys' fees and costs, arbitration ad,hints[ration ices and costs, alld
arbitrator(s)' fees.
(e) No provision of this arbitration clause, nor the exercise of any rights hereunder, shall' limit tile right of any party to: 1)
judicially or non-judicially foreclose against any real or personal )ro:~erty collateral or other security; (2) exercise self-help
remedies including but not limited to repossession and se[off rights or (3 obtain from a court I~aving jurisdiction thereover
any provisional or ancillary remedies including but not limited to iujunctive relief foreclosure sequestration, at[[~chment,
replevin, garnishment, or the appointment of a receiver. Such rights can be exercised at any time, befole or duling i~dtiation
of an arbitration proceeding except to the extent such action is contrary to the arbitration award. The exercise of sec
rights shall not constitute a waiver of the right to submit any Dispute to arbitration, and any claim or controversy ~elated to
the exercise of such rights shall be a Dispute to be resolved under the provisions of this arbitration clause. Any party may
initiate arbitration with the Administrator; however, if any party iniliates litigation and anotl~er pa~ty disputes any allega[io~
in that litigation, the disputing party--upon the request of tile initiating party--must file a demand for arbitration wifl~
Administrator and pay the Administrator's filing fee. The parties may serve by mail a notice of aninitial motion for an order
of arbitration.
(f) Notwithstanding the applicability of any other law to the Agreement, the arbitration clause, or Related Documents between
or among the parties, the Federal Arbitration Act 9 U.S.C.~ 1 et sec[., shall apply to tile constructiou and in[e~pretatiou
th s arb [rat on c duse. - ....
YOU ARE HEREBY NOTIFIED THAT A NEGATIVE CREDIT REPORT REFLECTING ON YOUR CREDIT RECORD MAY BE
SUBMITTED TO A CREDIT REPORTING AGENCY IF YOU FAIL TO FULFIL[_ THE TERMS OF YOUR CREDIT OBLIGATIONS.
NOTICE TO COSIGNER(S):
(IN THIS NOTICE, THE WORDS "YOU" AND "YOURS" REFER TO COSIGNER(S) AND THE WORD "BANK" REFERS TO ZIONS
BANK).
YOU ARE BEING ASKED TO GUARANTEE THIS DEBT. THINK CAREFULLY BEFORE YOU DO. IF 1-HE BORROWER DOESN'T
PAY THE DEBT, YOU WILL HAVE TO. BE SURE YOU CAN AFFORD -FO PAY IF YOU HAVE TO, AND THAT YOU WANF TO
ACCEPT THIS RESPONSIBILITY.
YOU MAY HAVE TO PAY THE FULL AMOUNT OF THE DEBT IF THE BORROWER DOES NOT PAY. YOU MAY ALSO HAVE TO
PAY LATE FEES OR COLLECTION COSTS., WHICH INCREASE THIS AMOUNT.
THE BANK CAN COLLECT THIS DEBT FROM YOU WITHOUT FIRST TRYING TO COLLECT FROM 'FILE BORROWER. TIlE BANK
CAN USE THE COLLECTION METHODS AGAINST YQU THAT CAN BE USED AGAINST THE BORROWER, SUCH AS SUING YOU,
GARNISHING YOUR WAGES, ETC. IF THIS DEBT IS EVER IN DEFAULI-, THAT FACT MAY BECOME PART OF Yet JR CREDIT
RECORD.
THIS NOTICE IS NOT THE CONTRACT WHICH MAKES YOU LIABLE FOR THE DEBT. EACH BORROWER SIGNING BEI_OW
HEREBY ACKNOWLEDGES RECEIPT OF A LEGIBLE AND COMPLETED COPY OF THIS PROMISSORY NOTE ANO ANY
COSIGNER(S} ACKNOWLEDGES HAVING READ THE NOTICE TO COSIGNER.
ISIS TAWFIK