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HomeMy WebLinkAbout905908United Title Services No. 00001944 State of Utah When recorded, mail to: Eileen Hyde 1795 West 9640 South South Jordan, Utah 84095 RECEIVED 1/17/2o05 at 9:17 AM RECEIVING ;~! ~J05908 BOOK: 577 PAGE: 225 JEANNE WAGNER LINCOLN COUNTY CL~-~RK, KEMMERER, WY TRUST DEEI) With Power of Sale and Assi~cnt of Rents THIS TRUST DEED, made this 15th day of December, 2004. I,ctxxccn, BRAD NELSON of Afton, Lincoln County State of Wyoming as Trustor(s), UNITED TITLE SERVICES, a Utah Corp~)latlon as Trustee, and EILEEN HYDE of SALT LAKE County, State of Utah, as BENEFICIARY; WITNESSETH: That Trustor { 't ~N VEYS AND WARRANTS TO TRUSTEE IN TRUST, WITH POWER OF SALE, the following described property, situated in l_i~c,~ln County, State of Wyoming REFER TO EXHIBIT "A" ATTACHED HERETO AND BY 'l'I ti :'; REFERENCE MADE A PART HEREOF Tax Parcel No. , TOGETHER with all buildings, fixtures, and improvements thereon a,M all water rights, rights of way, easements, rents, issues, profits, income, tenements, hereditaments, fl'anchises, privileges and apl~t~:~cn'ances thereunto belonging, now or hereafter used or enjoyed with said property, or any part thereof, SUBJECT, HOWEVER. ~, thc right, power, and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues, and FOR THE PURPOSE OF SECURING (1) Payment of the indebtedncs., ,~x idcnced by a promissory note of even date herewith, in the principle sum of $65,000.00, made by Trustor, payable to the Benefic,~t x ~,' tn'der at the times, in the manner and with interest as therein set forth, and with the final payment due, upon Sale or refinance of thc subject property and any extensions and/or renewals or modifications thereof; (2) the performance of each agreement of Trust~ hca'in contained; (3) the payment of all sums which shall hereafter be advanced by the Beneficiary to the Trustor by way of additiot~,l I,~:m or loans, and to secure any and all indebtedness of any kind whatsoever from the Trustor to the Beneficiary hereafter expended, ,, advanced by Beneficiary under or pursuant to the terms hereof, together with interest thereon as herein provided. PROVIDED. tll )\\'liVER, that the making of such further loans, advances or expenditures shall be optional with the Beneficiary and PROVIDED FI iR'Il tI(R that it is the express intention of the parties to this Trust Deed that it shall stand as continuing security until all such further l,)ans, advances and expenditures together with interest thereon, have been paid in full. A. TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR .\t Id:ES. 1. To keep the buildings upon the above described real property continu,~,~ly ~)cct, pied and used, and not to permit the same to become vacant, and keep said property in good condition and repair; not ~,~ cra,we or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building whict~ ,~av be constructed, damaged or destroyed thereon; to comply with all laws. covenants and restrictions affecting said property; not ~,, c,,mmit o,' permit waste thereof; not to commit, suffer or permit any act thereupon said property in violation of law. To cultivate, il'~;~,~c, fertilize, fumigate, prune, and do all other acts which from the character of said property may be reasonably necessary, the spec iIic c lmlncrations herein not excluding the general, and in the event the above described property is used for agricultural purposes, the ~1'~ tt,~t,,r will use all manure produced by stock selection, seed selection, crop rotation, weed control, fertilizing the soil, drainage, prevemi,,,~ ,,f erosion and pasture maintenance in accordance with good husbandry and the most approved methods of agricultural developmc~n Iht Beneficiary may recover as damages for any breach of this covenant the amount it would cost to put the property in the conditi,,,~ call,sd for herein. Proof of impairment of security shall be unnecessary in any suit or proceeding under this paragraph. If the loan ,.c, mod hereby or any part thereof is being obtained for the purpose of financing construction of improvements on said property, Trust[, lu~thm' agrees: (a) To commence construction promptly and to pursue same with reaso.;d,l~, diligence to completion in accordance with plans and specifications satisfactory to Beneficiary and (b) To allow Beneficiary to inspect said property at all times during ct,a:,t~ ttcti~m. Trustee, upon presentation to it of an affidavit signed by Beneficiary, setting forth facts showing a default by Trustor undc~ thi~ numbered paragraph, is authorized to accept as true and conclusive all facts and statements therein, and to act thereon hereunder 5'~.~ VisiOn Form SDDO1UT Rev. 05/06/97 L ..~ . .::: :f&!,!', ,. : ' ~ 2. To keep the buildings and improvements now and/or hereafter upon ~1,~. ~,~tid premises unceasingly insured against loss by fire or other hazards in such amount and form as may be required by the gencl~, htr v in a Company or Companies selected by the Trustor subject disapproval by the Beneficiary, the insurance to be payable in c:~,,. ,,t' l~ss to the Beneficiary as its interest may appear, all renewal policies to be delivered to the Beneficiary at least ten days prior ~,, tl~c expiration of the policy or policies renewed and in the event of the failure of the Trustor to so deliver a renewal policy, then the B~'~,'ticiary may renew or procure all required insurance upon said property and the Trustor agrees to pay all premiums therefore. All i~-.t~ :mcc policies covering any structure upon said premises, regardless of amount, shall be payable as aforesaid and delivered to the B,_.~.I i,:iar.,,'. In the event of loss, Trustor shall give immediate notice to Beneficiary who may make proof of loss. The amount collected ~u~Jcr any fire and other insurance policy may be applied by the Beneficiary upon any indebtedness secured hereby and in such order a~ I Ic~lcficiary may determine, or, at option of Beneficiary, the entire amount so collected or any part thereof may be released to Trustt~. 5, uch application or release shall not cure or waive any default or notice of default hereunder or any act done pursuant to such notit'~. 3. To deliver to, pay for and maintain with Beneficiary until the indebtcd~c~ ~ccured hereby is paid in 'full, such evidence of title as Beneficiary may require, including abstracts of title or policies of title insul :t m'c :lnd any extensions or renewals thereof or supplements thereto. 4. To appear in and defend any action or proceeding purporting to affect ~1~,. ~ccm'ity hereof, the title to said property, or the rights or powers of Beneficiary or Trustee; and should Beneficiary or Trustee elect l,, ~1~,, ztl3pear in or defend any such action or proceeding, to pay all costs and expenses, including cost of evidence of title and attornex', Icc~ incurred by Beneficiary a reasonable sum incurred by Beneficiary or Trustee, or incurred or advanced by the Beneficiary and/or I~ tt.,tcc ill connection with any such action or proceeding in which the Beneficiary and/or Trustee may be joined as a party defend:~t ,,r receives notice of such action, proceeding or claim asserted in such action or proceeding or proposed action or proceeding? Trustor covenants that the Trustor has a valid and unencumbered title in fee simple to the property described herein and ha~ iI,c ~ight to convey the same and warrants and will defend said title unto the Trustee and Beneficiary against the claims and demands t,i' z~ll person whomsoever. 5. To pay when all taxes and assessments affecting said property, inclt, di~t~ :tll assessments upon water company stock and all rents, assessments and charges for water, appurtenant to or used in connection x,i~h said property; to pay, when due, all encumbrances, charges, and liens with interest, on said property or any part thereof, which ztl ztnv time appear to be prior or superior hereto; to pay all costs, fees and expenses of this Trust. 6. Should Trustor fail to make any payment or to do any act as herein pt,,x ~dc,.I. then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasm:~ Tt u~,lq)r l¥om any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary ~, i,~t~tcct the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; commence, apl~.:,~ in and defend any action or proceeding purporting to affect the security hereof or the rights and powers of Beneficiary or Trustee: i~:Lv, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or super l,~l' hereto; and in exercising any such powers, incur any liability, expend whatever amounts in its absolute discretion it may deen~ mx'c~,sm'y therefore, including costs of evidence of title, employ counsel, and pay his reasonable fees. 7. To pay immediately and without demand all sums expended hereund~.~ hv Beneficiary or Trustee, with interest from date of expenditure at the rate of ten per cent (10%) per annum until paid, and the r~l~;~ymcnt thereof shall be secured hereby. 8. In addition to the payments due in accordance with the terms of thc ~,m: ~,ccured hereby, the Trustor shall, at the option and demand of the Beneficiary, pay each year to the Beneficiary, in equal m(m~l~l,, i~,tztlhnents, the estimated amount of the annual taxes, assessments insurance premiums, maintenance and other charges upon the 1~, q~ct'ty, such sums to be held in trust by the Beneficiary for Trustor's use and benefit for the payment by the Beneficiary of any sucl~ ilc~ns when due. The estimate shall be made by the Beneficiary. If the Beneficiary shall fail to make such estimate, the a,n,,u,~t t}f the preceding annual taxes, assessments, insurance premiums, maintenance and other charges as the case may be, shall be dccu~cd t() be the estimate for that year. If, however, the payment made hereunder shall not be sufficient to pay such charges when th[~ ',;tmc shall be due, the Trustor shall pay the Beneficiary any amount necessary to make up the deficiency on or before the date when ~l~c ~',m~c shall become due. B. IT IS MUTUALLY AGREED THAT: 1. If the Trustor permits any deficiency in the amount of the aggregate n~,~ll~ty, {~r other periodic payments, provided for herein or in the note secured hereby, or any failure to pay any advancements or paymc~l~ made by the Trustee and/or Beneficiary to protect and preserve the lien hereof or property described herein, such deficiency or l'ailt~ c shall constitute an event of default under this Deed of Trust and, if not cured within 15 days Trustor promises and agrees to ['~:t_x :i "late charge", and that any such "late charge" shall constitute an additional item secured by this Deed of Trust. PROVIDED l l( )\VI.iVEI>,, that Trustor shall not become liable to pay total interest and "late charge" in excess of the highest legal rate permissible by c, ullrztct under the laws of the State of Wyoming 2. The fixtures and equipment described herein and/or affixed to and used ~t~,l cn. ioyed in connection with the real property herein or any part thereof constitute permanent fixtures thereof and that such fixturc~ ztud equipment will not be severed and removed from said real property without the written consent of the Beneficiary and written re,.',,~ trance thereof by the Trustee and shall be deemed part of the realty. 3. Should said property or any part thereof be taken or damaged by reas~t~ ,,I ~my pt,blic improvement or condemnation proceeding, or damaged by fire, or earthquake, or in any other manner, Beneficiary :~1~11 bc entitled to all compensation, awards, and other payments or relief therefor, and shall be entitled at its option to commence.. :~l)l)C:u- m and prosecute in its own name, any action or proceedings, or to make any compromise or settlement, in connection with ,.t~ch tztking or damage. All such compensation, awards, damages, rights of action and proceeds, including the proceeds of any poli,'i~.-, ,d' fire and other insurance affecting said property, are hereby assigned to Beneficiary, who may, after deducting therefrom all its c\t~.m, cs, including attorney's fees, apply the same on any indebtedness secured hereby. Trustor agrees to execute such further assigm~:~m, ~d' any compensation, award, damages, and rights of action and proceeds as Beneficiary or Trustee may require. 4. At any time and fi'om time to time upon written request of Beneficiary, i,:t3 mcnt t)f its fees and presentation of this Trust Deed and the note for endorsement (in case of full reconveyance for cancellation and ~.tcmi~m), without affecting the liability of any person for the payment of the indebtedness secured hereby, Trustee may (a) consent t,, II~.,. m:tking of any map or plat of said property; (b) join in granting any easement or creating any restriction thereon; (c)join in any sttb~u dinzttion or other agreement affecting this Trust Deed or the lien of charge thereof; (d) reconvey, without warranty, all or any part {,l' :~tid pre,petty. The grantee in any reconveyance may be b-'~'~i Vision Form SDD01UT Rev. 05/06/97 described as "the person or persons entitled thereto," and the recitals the~ ~'~ ~4' any matters or facts shall be conclusive proof of the truthfulness thereof. Trustor agrees to pay Trustee's fees for any of the setx i~'c~ mentioned in this paragraph. 5. As additional security, Trustor hereby gives to and confers upon Bencl ~,'~ v the right, power and authority, and hereby constitutes and appoints Beneficiary attorney in fact during the continuance of thi~ l~t,st, with or without taking possession of the property affected hereby to collect the rents, issues, and profits of said property, (re~c~., :t~g unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or in performance of an), :t~,.cmcnt hereunder, to collect and retain such rents, issues, and profits, as they become due and payable. Upon any such default.) l;~'~cliciary may, at any time without notice, by agent or by receiver, to be appointed by court, Trustor hereby consenting to the appoi~t~t~,,m ~t' Beneficiary as such receiver and without regard to any security for the indebtedness hereby secured, enter upon and take po~..~..-.i,m t~f said property, or any part thereof, and in its own name sue for or otherwise collect such rents, issues and profits, including tit, ~:.c p~t~,t due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees. t~t,, ,~ any indebtedness secured hereby, and in such order as Beneficiary may determine. Nothing contained herein, nor the exercise of ~t:~. right by Beneficiary to collect, shall be, or be construed to be, an affirmation by Beneficiary of any tenancy, lease or option, or an :~ ~stm~l,li~m of liability under or a subordination of the lien or charge of this Trust Deed to any such tenancy, lease or option. 6. The entering upon and taking possession of said property, the collecli,,~ ,,f ,~uch rents, issues and profits, or the proceeds of fire and other insurance policies, or compensation or awards for any taking ,,~ d~tma.g.e of said property, and the application or release thereof as aforesaid, shall not cure or waive any default or notice of del:~t~l~ hereunder or invalidate any act done pursuant to such notice. 7. The discontinuance or failure on the part of Beneficiary promptly to ct~t,,rce any right hereunder shall not operate as a waiver of such right and the waiver by Beneficiary of any default shall not constitute :t s,. aix cr of any other or subsequent default. 8. In the event of the passage, after the date of this Trust Deed, of any lax~ ,,I thc State of Wyoming, directing from the value of land for the purpose of taxation any lien thereon, or taxing such lien or the ownc~ , ,r h,dder of the same, or changing in any way the laws for the taxation of Trust Deeds or debts secured by Trust Deeds for state or I,,~':~1 pm'poses, or the manner of the collection of any such taxes, so as to affect this Trust Deed, the Beneficiary or the Assignee of thi~ 1, ,~t l)ced and of the debt which it secures, shall have the right to give 30 days written notice to the owner of said land requiring the 1~:~i. tnct~l ~)[' the debt secured hereby, and it is hereby agreed that if such notice be given, the said debt shall become due, payable and c~l I~., t;tblc at the expiration of the said 30 days. 9. Time is of the essence hereof. Upon default by Trustor in the paymem ,,I :tnv indebtedness secured hereby or in the performance of any agreement hereunder, all sums secured hereby shall immediately bc,'~ ~t~c duc and payable at the option of Beneficiary. In the event of such default, Beneficiary may execute or cause Trustee to execm,, ,t x\ritten notice of default and of election to cause said property to be sold to satisfy the obligations hereof, and Trustee shall file ~u,]l m~tic'c for record in each county wherein said property or some part of parcel thereof is situated. Beneficiary also shall dep,,~t wilh Trustee, the note and all documents evidencing expenditures secured hereby. 10. After the lapse of such time as may then be required by law folloxvitt? tl~c recordation of said notice of default, and notice of default and notice of sale having been given as then required by law, Tru~lcc. xxilhout demand on Trustor, shall sell said property on the date and at the time and place designated in said notice of sale, either a.. :t x~ h~de tlr in separate parcels, and in such order as it may determine subject to any statutory right of Trustor to direct the order in x~ I~,h ~,uch property, if consisting of several known lots of parcels, shall be sold, at public auction to the highest bidder, the purchase 1'* icc l)ayable in lawful money of the United States, at the time of sale. The person conducting the sale may, for any cause he deem~ ~'xl~cdient, postpone the sale from time to time until it shall be completed and, in every case, notice of postponement shall be given b3 i,ublic declaration thereof by such person at the time and place last appointed for the sale, provided, if the sale is postponed for lon?~ th',m one day beyond the day designated in the notice of sale, notice thereof shall be given in the same manner as the original notice ~1' ~:~lc. Trustee shall execute and deliver to the purchaser its Deed conveying said property so sold, but without any covenant or wa~ :~i.x., express or implied. The recitals in the deed of any manners or facts shall be conclusive proof of the truthfulness thereof. Anx i,c~ ~,m including Beneficiary, may bid at the sale. Trustee shall apply the proceeds of sale to payment of (1) the costs and expenses t,l ~'xcrd~ing the power of sale and of the sale, including the payment of the Trustee's and attorney's fees; (2) cost of any evidence t,I ~llc pr()cured in connection with such sale and revenue stamps on Trustee's Deed; (3) all sums expended under the terms hereof, n, ~1 t l~cn repaid, with accrued interest as herein provided from date of expenditure (4) all other sums then secured hereby; and (5) the ~c,~,:timlcr, if any, to the person or persons legally entitled thereto, or the Trustee, in its discretion, may deposit the balance of such pr, ,cc,.d, with the county Clerk of the county in which the sale took place. 11. Upon the occurrence of any default hereunder, Beneficiary shall have ~hc ~,pti~m to declare all sums secured hereby immediately due and payable and foreclose this Trust Deed in the manner provided bx l:tv, I'ilr the foreclosure of mortgages on real property and Trustor agrees to pay Beneficiary or Trustee, whichever may be the Plzti~till' in said foreclosure suit, the cost of said suit and a reasonable sum for attorney's fees, whether Beneficiary or Trustee shall h:~x c paid f~)r procuring an abstract or other deed and also a reasonable fee for Trustee. All moneys herein agree to be paid shall be secu~ ~.d hereby. 12. In the event suit is instituted to effect foreclosure of this Trust Deed th~. 1 rw, tee and/or Beneficiary shall as a matter of right and without regard to the sufficiency of the security or of waste or danger ol~ ~i,al)plication of any of the property of the Trustor, be entitled forthwith to have a receiver appointed of all the property descril,.,I i~ Ibis Trust Deed, and the Trustor hereby expressly consents to the appointment of a receiver by any court of competent jurisdicli~,n and expressly stipulates and agrees that such receiver may remain in possession of the property until the final determination of sucll ~uit or proceedings. Trustor hereby expressly consents to the appointment of Beneficiary as such receiver. 13. Beneficiary may appoint a successor Trustee at any time by filing for fcc, ,: d i~ tile office of the County Recorder of each county in which said property or some part thereof is situated, a substitution of Tru~lc~~. l:rom the time the substitution is filed for record, the new Trustee shall succeed to all the powers, duties, authority and title of thc '1~ t~,,lce named herein or of any successor Trustee. Each such substitution shall be executed and acknowledged, and notice thereof sh:tll I,c ~i yen and proof thereof made as provided by law 14. This Trust Deed shall apply to, inure to the benefit of, and bind all pztltic~ hotel,,), their heirs, legatees, devisees, administrators, executors, successors, and assigns. Alt obligations of Trustor hereunder ar~'/[)ii~t aad several. The term "Beneficiary" shall mean the owner and holder, including any pledgee, of the note secured hereby. 1~ ~l~i~ Trust Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular numb~.~ i~clt~d~zs the plural. ~,~ Vision Form SDD01UT Rev. 05/06/97 15. Trustee accepts this Trust when this Trust Deed, duly executed and acL~,,wlcdged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under an',, ~hcr Trust Deed or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party unless brought by Trustee. 16. This Trust Deed shall be construed according to the laws of the State 17. The undersigned Trustor requests that a copy of any notice of default ;m~l ,H' any notice of sale hereunder be mailed to him at the address hereinbefore set forth. 18. The Trustor acknowledges that full disclosure has been made of the Ic~ ttts of lhe loan and the finance charge as required by Federal and State law and acknowledges receipt of a copy of such disclosmc ,lalcmcnts together with copies of the promissory note and trust deed. Signed in the presence of: )BRAD NELSON ) ) ) ). State of Wyoming County of Lincoln On the I c{ day of l~eember, 2004 personally appeared before me BR-\I) NI(I.SON, the signers of the foregoing instrument who duly acknowledged to me that they executed the same. Notary Public My Commission Expires: nty of ~ State of ~ ncoln ~ Wyoming ~ Vision Form SDD01UT Rev. 05/06/97 EXHIBIT" That part of the NW 1/4 NW 1/4 of Section 7, T32N R118 W, l.i~ ~,',,Itl Ctmnty, Wyoming, being part of those tracts of record in Book 368 of Photostatic Records on P~t,.~c 7() a t~d in Book 215 of Photostatic Records on Page 35, described as follows: BEGINNING at a spike on the West line of said Section 7, N0tt dc~2t'ces-05 minutes-00 seconds East 254.03 feet from the Southwest corner of said NW1/4NW1/4: thence N00 degrees 05minutes 00 seconds E 277.69 feet, along ..~ti,l west line to a spike: thence N89 degrees 37 minutes 15 seconds E, 164.25 feet, alo~ :t~t existing fence line, in part, to a point at a fence corner: thence south 00 degrees 15 minutes 28 seconds East, 91.39 feet. :ti,rog said fence line, to a point at a fence corner: thence S 89 degrees 53 minutes 37 seconds East, 216.79 feet, al,~tt,.~ fence line, to a point: thence South 00 degrees 07' 22 minutes W, 189.97 feet, to a po~l ,,t~ an existing fence line: thence N89 degrees 33 minutes 04minutes W, 381:46 feet, ahm..: ~:~id fence line, in part, to the SPIKE OF BEGINNING:. ENCOMPASSING AN AREA OF 2.00 acres more or less;