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HomeMy WebLinkAbout907296WHEN RECORDEMAIL TO: Kimberly Zika 132 Dawson Layton, UT 84041 00662 RECEIVED 3/28/2005 at 4:14 PM RECEIVING # 907296 BOOK: $81 PAGE: 662 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY TR US T DEED THIS TRUST DEED, made this )_~k~-day of March, 2005, between HIGH DESE,RT LLC., Trustor, and ICdrnberly Zika, Beneficiary, ~ A WyomingLimited Liability Company WITNESSETH: That Trustor Conveys and Warrants to Trustee In Trust, with Power of Sale, the following described property, situated in Lincoln County, State of Wyoming: ALL of lots 1,2, and 3 of the Southland Commercial Addition to the Town Of Diamondville, Lincoln County, Wyoming as described on the Official plat thereof. LESS AND EXCEPT the land contained in Warranty Deed recorded May 3, 1985 in Book 226PR on page 45 of records of Lincoln County Clerk. /? Together with all buildings, fixtures and improvements thereon and all water rights, rights of way, easements, tenements, hereditaments, privileges and appurtenances thereto belonging, now or hereafter used or enjoyed with said property, or any part thereof subject, however, to the right, power and authority hereinafter given to and conferred upon Beneficiary. FOR THE PURPOSE OF SECURING (1) payment of the indebtedness evidenced by a Promissory Note of even date herewith, in the principal sum of $ 340,000.00, made and entered into by the parties, payable to the order of the Beneficiary at the times, in the manner and with interest as therein set forth, and any extensions and/or renewals or modifications thereof, (2) the performance of each agreement of Tmstor herein contained; (3) the payment of such as hereafter may be made may be made to Trustee, or their successors and assigns, when evidenced by a promissory note or notes secured by this trust deed; and (4) the payment of all sums expended or advanced by Beneficiary under or pursuant to the terms hereof, together with interest thereon as provided herein provided. TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR AGREES: 1. To keep said property in good condition and repair; not to remove or demolish the building thereon, to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged or destroyed thereon; to comply with all laws, covenants and restrictions affecting such property; not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to do all other acts which from the character or use of said property may be reasonably necessary, the specific enumeration herein. Trustee, upon presentation to it of an affidavit signed by the Beneficiary, setting forth facts *NOTE: Trustee must be a member of the Wyoming State Bar; a bank, building and loan association or savings and loan association authorized to do such business in Wyoming; a corporation authorized business in Wyoming; or a title insurance or abstract company authorized to do business in Wyoming. 1:0663 showing a default by Trustor, under this numbered paragraph, is authorized to accept as true and conclusive all facts and statements therein, and to act thereon hereunder. 2. To provide and maintain insurance, of such type or types sufficient to protect Beneficiary in regard to the improvements now existing or hereafter erected or placed on said property. Such insurance shall be carded with loss payable clauses in favor of both Trustor and Beneficiary. In the event of a total loss, Tmstor shall give immediate notice to Beneficiary, who may make proof of loss, and each insurance company concerned is hereby authorized and directed to make payment for such loss, to the extent of the note balance outstanding, to the Beneficiary. In the event of a partial loss such insurance payments shall be applied to restoration or repair of the property damaged, 3. To deliver to, pay for and maintain with Beneficiary until the indebtedness secured hereby is paid in full, such evidence of title as Beneficiary may require, including any abstracts of title or any policies of title insurance or any extensions or renewals thereof or supplements thereto. 4. To appear in and defend any action or proceeding purporting to affect security hereof, the title to such property, or the rights or powers of Beneficiary; and to pay all costs and expenses associated of the litigation, 5. To pay at least 10 days before delinquency, all taxes and/lssessments affecting such property, including all assessments upon water company stock and all assessments and charges for water and to pay, when due all encumbrances, charges, and liens with interest, on said property or any part thereof, which at any 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 act reasonably to resolve any condition as cited above, Beneficiary and Trustee reserves the right, without obligation to do so, (1) to take action deemed necessary to preserve and protect the security hereof; and (2) To commence, appear in and defend a.ny action or proceeding to protect Trustee or Beneficiary interests, 7. Trustor shall be directly liable for all sums necessarily expended by Trustee and Beneficiary on behalf of Trustor in maintaining the Beneficiary's security interests as referenced herein, to include interest from date of expenditure at the rate of Eight Percent simple interest. IT IS MUTUALLY AGREED THAT: 8. Should said property or any part thereof be taken or damaged by reason of any public improvement or condemnation proceeding, or damaged by fire, or earthquake, or in any other manner, Beneficiary shall be entitled to compensation, to the extent of the outstanding debt due and owing under the note. Further, Beneficiary shall be entitled at its option to cormnence, appear in and prosecute in its own name and interest, any action or proceedings, or to make any compromise or settlement, in such taking or damage, in regard to that Beneficial interest. This declaration shall not in any diminish any of Trustor's ownership interest or rights thereto in regard to the property identified herein. 9. Upon any default by Trustor hereunder Beneficiary may at this time without notice, either in person, by agent, or by a receiver to be appointed by a court (Trustor hereby consenting to the appointment of Beneficiary as such receiver), and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possessions of said property or any part thereof, in its own name sue for or otherwise collect said rents, issues, and profits, including those past due and unpaid and apply the same, less costs and expenses of operation and collection, including responsible attorneys fees upon in any indebtedness secured hereby, and in such order as Beneficiary may determine 10. The failure on part of Beneficiary to promptly enforce any right hereunder shall not operate as a waiver of such right and the wavier by Beneficiary of any default shall not constitute a wavier of any other or subsequent default. '- 11. Time is of the essence hereof. Upon default by Trustor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder, all sums secured hereby shall immediately become due and payable at the option of Beneficiary, In the event of such default, Beneficiary may execute or cause Trustee to execute a written notice of default and of election to cause said property to be sold to satisfy the obligations hereof, and Trustee shall file such notice for record in each county wherein said property or some part or parcel thereof is situated. Beneficiary also shall deposit with Trustee, the note and all documents evidencing expenditures secured hereby. 12. After the lapse of such time as may then be required by law following the recordation of said notice 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 said 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 it may determine (but subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold ), at public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause they deem expedient, postpone the sale from time to time until it shall be completed and, in every case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for a sale provided, if the sale is postponed for longer than one day beyond the day designated in the notice of sale, thereof shall be given in the same manner as the notice of sale. Trustee shall execute and deliver to the purchaser its Deed conveying said property so sold, but without any covenant or warranty, express or implied. The recitals in the Deed of any matter or facts shall be conclusive proof of the truthfulness thereof. Any person, including Beneficiary, may bid at the sale.' Trustee shall apply the proceeds of the sale to payment of (1) costs and expenses of exercising the power of sale and of the sale, including the payment of the trustee and attorney's fees: (2) costs of any evidence of title procured in connection with such sale and revenue stamps on Trustee's Deed: (3) all sums expended under the terms thereof, not then repaid, with accrued interest at 8% per annum from date of expenditure; (4) all other sums then secured hereby, and (5) the remainder, if any, to 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. 13. Upon the occurrence of any default hereunder, Beneficiary shall have the option to declare all sums secured hereby immediately due and payable and foreclose this Trust Deed in the manner provided by law for the foreclosure of mortgages on the real property and Beneficiary shall be entitled to recover in such proceeding all reasonable costs and expenses incident thereto, including a reasonable attorney's fee in such amount as shall be affixed by the court. 14. Beneficiary may appoint a successor Trustee at any time by filing for record in the office of the County Recorder of each county in which said property or some part thereof is situated, a substitution of trustee. From the time the substitution is filed for record, the new trustee shall succeed to all powers, duties, authority and title of the trustee named herein or of any successor trustee. Each such substitution shall be executed and acknowledged and notice thereof shall be given and proof thereof made in the manner provided by law. 15. This Trust Deed shall apply to inure to the benefit of, and bind all parties hereto, their heirs, legatees, devisees, administrator, executors, successors and assigns. All obligations of Trustee hereunder are joint and several. The term "Beneficiary" shall mean the owner and holder, including any pledgee, of the note secured hereby. In this Trust Deed, whenever the context requires, the masculine gender the masculine gender includes the feminine and/or nueter, and the singular number includes the plural. 16. Trustee accepts this Trust when this Trust Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Trust Deed or any other action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party, unless by Trustee. 17. This Trust Deed shall be construed according to the laws of the State of Wyoming. 18. The undersigned Trustor requests that a copy of any notice of default and of any notice of sale hereunder be mailed at the addresses herein before set forth. Signature of Trustor HIGH DESERT LLC. DEL I<~ BARTEL ~/VI~mber)* *Del K. Bartel declares that he is authorized to affect his signature on behalf of High Desert LLC. solely in the capacity as a member of that company. (IfTrustor a Corporation) State of Wyoming ) : SS. County of Lincoln ) On the ~"/" of M ~ _J~y arch, 2005, A.D. personally a, ppeared before me ~)_P~ [~-_.~ W~14p belng dl~ sworr~, says that he/she is the ~4 ~P~KtS~ / ~'~ ~ P/t--4 ~ of ~t~h [tx-~ ~~'- ~ ~(---- ,rthe-corporati~n that ex~cui-ed t-h~ above and ~ng instrument was signed in. beha?)[f,,of of said cgrporation by authority of its bylaws (or by authority of its board of directors ) and said y x//~_~_ _,Q~4~' acknowledged to me that said corporation executed the same. My commission Expires: TO: Trustee, REQUEST FOR FULL RECONVEYANCE (To be used only when indebtedness hereby has been paid in full) The undersigned is the legal owner and holder of the note and all other indebtedness secured by the within Trust Deed. Said note, together with all other indebtedness secured by said Trust Deed has been fully paid and satisfied as agreed; and you are hereby requested and directed, on payment to Trustee and/or Beneficiary of any sums owing under the terms of said Trust Deed, to cancel said note above mentioned, and all other evidences of indebtedness secured by said Trust Deed delivered to you herewith, together with said Trust Deed, and to reconvey, without warranty, to the parties designated by the terms of said Trust Deed, all the estate now held by you hereunder. Dated: Mail reconveyance to: