DEED OF TRUST
THIS DEED OF TRUST, made
this DAY day of MONTH YEAR , between GRANTOR , herein called GRANTOR,
whose address is ADDRESS OF GRANTOR ,
FIRST AMERICAN TITLE COMPANY, INC., herein called
TRUSTEE, and NAME
OF BENEFICIARY whose address is BENEFICIARY
ADDRESS,
herein called BENEFICIARY,
WITNESSETH: That Grantor does hereby irrevocably GRANT,
BARGAIN, SELL AND CONVEY TO TRUSTEE IN TRUST, WITH POWER OF SALE, that property
in the County of NAME
OF COUNTY , State of NAME OF STATE , consisting of not more than FORTY acres in area, described as
follows:
TOGETHER WITH all the tenements,
hereditaments and appurtenances now or hereafter thereunto belonging or in
anywise appertaining, and the rents, issues and profits thereof, SUBJECT,
HOWEVER, to the right, power and authority hereinafter given to and conferred
upon Beneficiary to collect and apply such rents, issues ad profits;
For the Purpose of Securing:
1. Performance of
each agreement of grantor herein contained.
2. Payment of the
indebtedness evidenced by a promissory note, of even date herewith, and any
extension or renewal thereof, in the principal sum of Dollars, $ AMOUNT OF LOAN to Beneficiary or order and made by Grantor,
the final payment of principal and interest thereof, if not sooner paid, to be
finally due and payable FINAL DUE DATE OF LOAN.
3. To secure
payment of all such further sums as may hereafter be loaned or advanced by the
Beneficiary herein to the Grantor herein, or any or either of them while record
owner of present interest, for any purpose, and any notes, drafts or other
instruments representing such further loans, advances or expenditures together
with interest on all such sums at the rate therein provided. Provided, however, that the making of such
further loans, advances or expenditures shall be optional with the Beneficiary,
and provided, further, that it is the express intention of the parties to this
Deed of Trust that it shall stand as continuing security until paid for all
such loans, advances or expenditures together with interest thereon.
A. To protect the security of this Deed of
Trust, Grantor agrees:
1. To keep said
property in good condition and repair; not to remove or demolish any building
thereon; to complete or restore promptly and in good and workmanlike manner any
building which may be constructed, damaged or destroyed thereon and to pay when
due all claims for labor performed and materials furnished therefor; to comply
with all laws affecting said property or requiring any alterations or
improvements to be made thereon; not to commit or permit waste thereof; not to
commit, suffer or permit any act upon said property in violation of law; to
cultivate, irrigate, fertilize, fumigate, prune and do all other acts which
from the character or use of said property may be reasonably necessary, the
specific enumerations herein not excluding the general.
2. To provide,
maintain and deliver to Beneficiary fire insurance satisfactory to and with
loss payable to Beneficiary. The amount
collected under any fire or other insurance policy may be applied by
Beneficiary upon any indebtedness secured hereby and in such order as
Beneficiary may determine, or at option of Beneficiary the entire amount so
collected or any part thereof may be released to Grantor. Such application or release shall not cure
or waive any default or notice of default hereunder or invalidate any act done
pursuant to such notice.
3. To appear in and
defend any action or proceeding purporting to affect the security hereof or the
rights or powers of Beneficiary or Trustee; and to pay all costs and expenses,
including cost of evidence of title and attorney's fees in a reasonable sum, in
any such action or proceeding in which Beneficiary or Trustee may appear.
4. To pay: at least ten days before delinquency all
taxes and assessments affecting said property, when due, all encumbrances,
charges and liens, with interest, on said property or any part thereof, which
appear to be prior or superior hereto; all costs, fees and expenses of this
Trust. In addition to the payments due
in accordance with the terms of the note hereby secured the Grantor shall at
the option, and on demand of the Beneficiary, pay each month 1/12 of the
estimated annual taxes, assessments, insurance premiums, maintenance and other
charges upon the property, nevertheless in trust for Grantor's use and benefit
and for the payment by Beneficiary of any such items when due. Grantor's failure so to pay shall constitute
a default under this trust.
5. To pay
immediately and without demand all sums expended by Beneficiary or Trustee
pursuant to the provisions hereof, with interest from date of expenditure at
eight per cent per annum.
6. Should Grantor
fail to make any payment or do to any act as herein provided, then Beneficiary
or Trustee, but without obligation so to do and without notice to or demand
upon Grantor and without releasing Grantor from any obligation hereof, may: make or do the same in such manner and to
such extent as either may deem necessary to protect the security hereof,
Beneficiary or Trustee being authorized to enter upon said property for such
purposes; appear in and defend any action or proceeding purporting to affect
the security hereof or the rights or powers of Beneficiary or Trustee; pay,
purchase, contest or compromise any encumbrance, charge or lien which in the
judgment of either appears to be prior or superior hereto; and, in exercising
any such powers, or in enforcing this Deed of Trust by judicial foreclosure,
pay necessary expenses, employ counsel and pay his reasonable fees.
B. It is mutually agreed that:
1. Any award of
damages in connection with any condemnation for public use of or injury to said
property or any part thereof is hereby assigned and shall be paid to
Beneficiary who may apply or release such moneys received by him in the same
manner and with the same effect as above provided for disposition of proceeds
of fire or other insurance.
2. By accepting
payment of any sum secured hereby after its due date, Beneficiary does not
waive his right either to require prompt payment when due of all other sums so
secured or to declare default for failure so to pay.
3. At any time or
from time to time without liability therefor and without notice, upon written
request of Beneficiary and presentation of this Deed and said note for
endorsement, and without affecting the personal liability of any person for
payment of the indebtedness secured hereby, Trustee may: reconvey all or any part of said property;
consent to the making of any map or plat thereof; join in granting any easement
thereon; or join in any extension agreement or any agreement subordinating the
lien or charge hereof.
4. Upon written
request of Beneficiary stating that all sums secured hereby have been paid, and
upon surrender of this Deed and said note to Trustee for cancellation and
retention and upon payment of its fees, Trustee shall reconvey, without
warranty, the property then held hereunder.
The recitals in any reconveyance executed under this Deed of Trust of
any matters or facts shall be conclusive proof of the truthfulness
thereof. The grantee in such
reconveyance may be described as "the person or persons legally entitled
thereto."
5. As additional
security, Grantor hereby gives to and confers upon Beneficiary the right, power
and authority, during the continuance of these Trusts, to collect the rents,
issues and profits of said property, reserving unto Grantor the right, prior to
any default by Grantor in payment of any indebtedness secured hereby or in
performance of any agreement hereunder, to collect and retain such rents,
issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time without
notice, either in person, by agent, or by a receiver to be appointed by a
court, and without regard to the adequacy of any security for the indebtedness
hereby secured, enter upon and take possession of said property or any part thereof,
in his own name sue for or otherwise collect such rents, issues and profits,
including those past due and unpaid, and apply the same, less costs and
expenses of operation and collection, including reasonable attorney's fees,
upon any indebtedness secured hereby, and in such order as Beneficiary may
determine. The entering upon and taking
possession of said property, the collection of such rents, issues and profits
and the application thereof as aforesaid, shall not cure or waive any default
or notice of default hereunder or invalidate any act done pursuant to such
notice.
6. Upon default by
Grantor in payment of any indebtedness secured hereby or in performance of any
agreement hereunder, all sums secured hereby shall immediately become due and
payable at the option of the Beneficiary.
IN the event of default, Beneficiary shall execute or cause the Trustee
to execute a written notice of such default and of his election to cause to be
sold the herein described property to satisfy the obligations hereof, and shall
cause such notice to be recorded in the office of the recorder of each county
wherein said real property or some part thereof is situated.
Notice of sale
having been given as then required by law, and not less than the time then
required by law having elapsed, Trustee, without demand on Grantor, shall sell
said property at the time and place fixed by it in said notice of sale, either
as a whole or in separate parcels and in such order as it may determine, at
public auction to the highest bidder for cash in lawful money of the United
States, payable at time of sale.
Trustee shall deliver to the purchaser its deed conveying the property
so sold, but without any covenant or warranty express or implied. The recitals in such deed of any matters or
facts shall be conclusive proof of the truthfulness thereof. Any person, including the Beneficiary under
the Deed of Trust, may purchase at such sale.
After deducting all
costs, fees and expenses of Trustee and of this Trust, including cost of
evidence of title and reasonable counsel fees in connection with sale, Trustee
shall apply the proceeds of sale to payments of: all sums expended under the terms hereof, not then repaid, with
accrued interest at eight percent per annum; all other sums then secured
hereby; and the remainder, if any, to the person or persons legally entitled
thereto.
7. This Deed
applies to, inures to the benefit of, and binds all parties hereto, their
heirs, legatees, devisees, administrators, executors, successors and assigns,
the term Beneficiary shall mean the holder and owner of the note secured
hereby; or, if the note has been pledged, the pledgee thereof. In this Deed, whenever the context so
requires, the masculine gender includes the feminine and/or neuter, and the
singular number includes the plural.
8. Trustee is not
obligated to notify any party hereto of pending sale under any other Deed of
Trust or of any action or proceeding in which Grantor, Beneficiary or Trustee
shall be a party unless brought by Trustee.
9. In the event of
dissolution or resignation of the Trustee, the Beneficiary may substitute a
trustee or trustees to execute the trust hereby created, and when any such
substitution has been filed for record in the Office of the Recorder of the
county in which the property herein described is situated, it shall be
conclusive evidence of the appointment of such trustee or trustees, and such
new trustee or trustees shall succeed to all of the powers and duties of the
trustee or trustees named herein.
Request is hereby
made that a copy of any Notice of Default and copy of any Notice of Sale
hereunder be mailed to the Grantor at his address hereinbefore set forth.
GRANTORS:
NOTARY